That old stadium had a great & historical vibe with its heavy timber construction and pre-WWII architectural style. It was a real shame it burned. The pox on whoever was responsible.
If the policy limit was higher than the fire claim paid so far, isn’t the somewhat-short claim payment to date simply the settlement terms stipulating payment of the ACV figure first, with the reserved balance for the RC payable when the rebuild is in the final stages? The IJ article lacks enough detail to see what’s behind the claim dispute. Please issue a supplemental article offering more clarity.
I wonder if they should be suing their agent for not understanding coinsurance instead?
If they had a 100% coinsurance and the building was worth $3.46M the payout would have been around $2.6M… or 90% coins and a $3.85M building… or 80% coins and a $4.33M building.
That old stadium had a great & historical vibe with its heavy timber construction and pre-WWII architectural style. It was a real shame it burned. The pox on whoever was responsible.
If the policy limit was higher than the fire claim paid so far, isn’t the somewhat-short claim payment to date simply the settlement terms stipulating payment of the ACV figure first, with the reserved balance for the RC payable when the rebuild is in the final stages? The IJ article lacks enough detail to see what’s behind the claim dispute. Please issue a supplemental article offering more clarity.
I wonder if they should be suing their agent for not understanding coinsurance instead?
If they had a 100% coinsurance and the building was worth $3.46M the payout would have been around $2.6M… or 90% coins and a $3.85M building… or 80% coins and a $4.33M building.
Could be a coinsurance penalty as well… insureds (and a fair number of agents) have no clue what coins really is until the have a loss like this.