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1. Essentially, your neighbour will need to go through the dispute resolution process with your insurer or litigate in court with them if your neighbour is unhappy with the level of compensation offered by your insurer. Essentially, the insurer is subrogated to the claim against you. This essentially means that the insurer 'stands in your shoes' so far as the claim is concerned and the insurer is for all intents and purposes the defendant to the claim against you. This means that the neighbour cannot accept an offer from the insurer and then sue you. Once your neighbour settles or litigates with the insurer, then that is the result of their claim. The are prevented by the law of estoppel from subsequently pursuing you for the same claim or for an element of it which they were not happy with.
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3. This is only the case if your builder was at fault for the damage. The builder's insurer will only cover damage which their insured, the builder was responsible for. The builder can only be liable for what he has caused. There is nothing to prevent your neighbour suing you separately, if you were the person responsible for some other damage. Then your own insurance, if you had insurance will apply.
4. In essence if the builder accepted responsibility for any damage, then any potential loss which you might be faced with will shift onto him. So, you will get an indemnity from the builder for any losses you suffer. Essentially, the builder's insurance will pay out the damage.
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