With Claims Link, an additional 200,000 euros in compensation for fire damage
Kalustetalo Kinnunen and Liiketalo Kinnunen suffered significant damage to their property and real estate as a result of a fire started by minors. The worst part of the situation was the insurance company’s decision on compensation, which included a 25% deduction from the insurance payout based on failure to follow safety guidelines. Claims Link, which operates within the same group as Söderberg & Partners, took on the case, and as a result, Kalustetalo received an additional 200,000 euros in insurance compensation.
Insurance Company’s Decision Comes as a Huge Shock
“It really brought tears to my eyes when I calculated how many hundred thousand euros we’d have to pay out of pocket if the insurance company paid out so little,” recalls Hanna Kinnunen of Kalustetalo Kinnunen.
“I figured that since we’ve been paying for business insurance our whole lives, the compensation would be fair. I thought the only option would be to hire our own lawyer, but even most of them don’t have specific experience with insurance matters,” she continues.
In the event of a loss, many companies—especially smaller ones—are fairly powerless against the compensation decisions of large insurance companies. Often, a company lacks the resources to take on an insurance company when day-to-day operations and recovering from the loss take up all its time and energy.
Kinnunen became a Claims Link client by chance when a representative from Söderberg & Partners saw a newspaper article about the company.
“Our claim and its unfair outcome were featured in a major article in a business magazine. A representative from Söderberg & Partners contacted us and proposed a partnership. I didn’t even know it was possible to get this kind of help, but since then I’ve told all my entrepreneur friends about the service. I believe there are many entrepreneurs who are in the same situation,” Kinnunen says.
The negotiations resulted in a settlement agreement
Kalustetalo and Liiketalo Kinnunen had initially tried to handle the claim themselves with the insurance company, but were unable to get the safety guideline deduction revised, even though there were strong grounds for the change. After reviewing the materials and familiarizing themselves with the case, a Claims Link expert drafted a letter requesting a correction to the insurance company.
Following this, Claims Link’s experts continued discussions and negotiations on the matter with representatives of the insurance company. Ultimately, Kalustetalo Kinnunen signed a settlement agreement with the insurance company, under which the insurance company paid an additional 200,000 euros in compensation.
“We received excellent and professional service throughout the entire process. We were kept constantly updated on what was happening at all times—in other words, communication was excellent,” says Hanna Kinnunen.
Although Kalustetalo and Liiketalo still incurred a loss of 100,000 euros compared to the actual costs of the damage, the additional compensation was significant for the company, according to Hanna Kinnunen.
“We decided to reach a settlement agreement because we realized we didn’t have the energy to fight it out in court for several years. Unfortunately, however, the insurance company changed afterward. We felt that the insurance company was testing the waters with the original compensation decision to see if we would agree to such a settlement or if we would be willing to fight it,” Kinnunen reflects.
Claims expert emphasizes the importance of safety guidelines
In the case of Kalustetalo and Liiketalo Kinnunen, the insurance company sought to reduce the insurance compensation based on safety guidelines. The insurance company’s position was that flammable materials, among other things, had been stored at the company’s loading dock in violation of safety guidelines.
“In this case, things ultimately turned out quite well for the policyholder, and a fair outcome was achieved. Generally speaking, I cannot overemphasize the importance of safety guidelines,” says Ville Partanen, CEO of Claims Link.
“Safety guidelines may seem like insignificant fine print at the end of an insurance policy, but it’s important to remember that they are part of the insurance contract. These guidelines often include basic instructions for risk management and loss prevention, which are of real benefit to the company itself as well. It also makes things easier in the event of a claim if you try to follow the safety guidelines, even though we’re more than happy to provide our services,” he continues.
Kalustetalo Kinnunen
Kalustetalo Kinnunen is a third-generation family business that has been in operation for over 60 years and has over 1,000 square meters of retail space in Leppävirta. The company sells furniture, rugs, lighting fixtures, and fabrics, among other items.
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