Must have been some serious personal propeorty value or an extensive schedule of valuable items. Simple maths shows that $6 million / 10,000 sq ft= $6000 per square foot. What was the house made out of?
The 60 million is unrelated to the house value, which was supposedly $4 million, probably a lot if that in the land. Figure maybe 2.0 to 2.5 million for the structure only and then an add-on for contents, temp living, etc.
The high claim amount is mostly all about claiming bad faith in settlement.
I agree, bob – there’s been plenty of articles on this site (this one included) where I’ve learned more from the people who comment about the story than I did from reading the article itself.
The Deckers are seeking a declaratory judgment for $15 million, plus $44.9 million in punitive damages for a total of $59.9 million. They had an insurance policy with Chubb for $8.8 million in coverage on the house and $4.4 million the contents, which included furs, jewelry and fine art.
The policy had exclusions for faulty planning, construction or maintenance, intentional acts leading to losses and negligence.
The cause of the fire has not been determined, and no one was at home when the fire started.
What was the unreasonable justification?
Chubb probably expected them to file a proper proof of loss and support the values in the normal way.
Many suspicious facts in case
Owner is builder whose companies have declared bankruptcy in the past
Dog that is never let out of the house was found wandering and did not smell of smoke
Owner went “out” for a while, yet it appears there were only limited contents in house
Builder notoriously late in paying contractors who need to sue him to collect
Sprinkler system not in virtually brand new house built with top of the line everything else
Unclear of actual source of fire, but local articles noted there may have been multiple points of origination
Difficult to beleive this story given Chubb’s excellent claim reputation. Perhaps there is more to this than meets the eye?
Mike M
Must have been some serious personal propeorty value or an extensive schedule of valuable items. Simple maths shows that $6 million / 10,000 sq ft= $6000 per square foot. What was the house made out of?
Gold Coins
Sorry corrected to $600/ sq ft (so much for my math skills), not quite so outragious.
$600 per square foot is outrageous for the Natti. Do a couple of zillow searches in the area and house prices are around 300-400 per sq ft.
Think I will quit for the day! $60,000,000 / $10,000 does = $6000 per square foot.
Maybe the house had round feet.
The 60 million is unrelated to the house value, which was supposedly $4 million, probably a lot if that in the land. Figure maybe 2.0 to 2.5 million for the structure only and then an add-on for contents, temp living, etc.
The high claim amount is mostly all about claiming bad faith in settlement.
Chubb has one of the best claims policies around. There is more to this story than presented.
too bad the IJ couldn’t have done a little better research to develop the same info as the comments did for this story
I agree, bob – there’s been plenty of articles on this site (this one included) where I’ve learned more from the people who comment about the story than I did from reading the article itself.
Just an FYI bob, here’s another time I said “yes” or “I agree” with something you or agent said. Just sayin’….
I think that’s a different bob.
I can tell by the brevity of his posts…
As reported in Insurance business America 1/30/15
The Deckers are seeking a declaratory judgment for $15 million, plus $44.9 million in punitive damages for a total of $59.9 million. They had an insurance policy with Chubb for $8.8 million in coverage on the house and $4.4 million the contents, which included furs, jewelry and fine art.
The policy had exclusions for faulty planning, construction or maintenance, intentional acts leading to losses and negligence.
The cause of the fire has not been determined, and no one was at home when the fire started.