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Case Study: Wind (Hurricane)

Case Study: Wind (Hurricane)

A hurricane hit a Florida community. One client, a 2 story-47 building condominium complex, suffered damage to all of their buildings. The condominium association Board of Directors initially felt they were in good hands with their property management team, general contractor, and insurance company adjuster handling their claim.

Four months later, the insurance company made the Association their claim settlement offer: $300,000.00 after subtracting their 1 million dollar deductible was all they received for payment.

This was devastating and shocking news since damages were much greater. The carrier’s written explanation was that most of the Association’s damage was excluded in the policy for a variety of reasons. The carrier’s position was said to be final.

If the insurance company was not going to provide sufficient insurance proceeds, then the unit owners would have to pay the difference to repair the buildings out of their own pockets. After speaking with her Board of Directors, the property manager reached out to Altieri Insurance Consultants for assistance.

Altieri Insurance Consultants personnel performed an analysis of insurance policy coverage, the Florida Statutes which included recent changes in condominium laws pertaining to insurance claims, insurance company communications and correspondence, as well as all damage estimates. We formulated a strategy for recovery and proceeded to implement the plan.

Altieri Insurance Consultants settled that claim, with the Association’s approval, for $9,500,000.00 within months of being hired. A successful result for sure!

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About The Author: Raymond A. Altieri, Jr.
Raymond A. Altieri, Jr. - Chairman & CEO

As a property insurance claims professional since 1980, Mr. Altieri leads the firm at Altieri Insurance Consultants in all matters of property claim adjusting and community outreach. His decades of property claim adjusting experience assure the firm’s clients they are well represented, whether they have suffered a multi-million-dollar commercial loss or have lost their home.

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