Couple claim insurance payout too small, demand accounts

A married couple yesterday claimed that two insurance companies had failed to pay them the full value of their policies taken out in 1987.

Peter and Madeleine Vella De Fremeaux filed a judicial protest calling on Eagle Star (Malta) Ltd and Eagle Star Insurance Co. Ltd to render the accounts of the investments they had made in respect of their insurance policies.

They told the court that they had taken out two insurance policies which matured on September 22, 2007. The insurance companies then issued two cheques for €68,308.69. But the couple protested that the money did not reflect the values of their two policies and indicated an investment strategy that was lacking and smelt of abusive action.

On October 17, the Vella De Fremeauxs informed the insurance companies that they would cash the two cheques without prejudice to the balances they claimed were due to them.

In yesterday's judicial protest the couple called upon the two companies to pay them the interest due on the sums with effect from the date the policies had matured. They also called on them to render accounts of the investments made since 1987 in order to calculate the real value of the policies and to pay them the sum which truly reflected their full value at maturity.

Lawyer Adrian Delia signed the protest.