ISV, LLC is a prominent property development company based in Windermere, Florida with a 9-year growing real estate portfolio. Sadly, ISV’s owner learned that two of his residential multi-family dwelling structures in Sanford, Florida suffered extensive fire damage on May 11, 2021. Following a cause and origin investigation, fire officials were unable to determine the area of origin. Despite ISV’s timely claim reporting and C&O Report submission, the claim adjuster assigned by ISV’s insurance company notified the claim was still being investigated by the carrier, informing: “the process could very well take several months to finalize.”
Certainly, this is not news any property owner wants to hear after suffering a devastating total-loss fire that caused a significant cost in lost income. As a result, the owner sought the advice of an experienced and well-regarded insurance claim attorney, who recommended that ISV’s CEO contact and consider retaining Tutwiler & Associates Public Insurance Adjusters to manage the claims and bring the insurance carrier to the table to facilitate a proper claim settlement.
Tutwiler Public Adjuster, Michael W. Platts, took the lead on the claim and went to work. He was able to assist the property owner by analyzing the insurance contract and review the policyholder’s compliance with policy terms, address potential coverage issues, provisions, and limitations. Mike developed a comprehensive claim package which identified and quantified the loss and damages sustained to the properties. He also factored-in code upgrade requirements and depreciation provisions in accordance with the policy conditions. This allowed him to offer solutions to any conflicts or coverage issues and set the table to begin settlement negotiations. Final efforts involved coordination with the help of industry team experts, both legal and technical, which prompted ISV’s insurance company to finally admit that the loss was indeed covered.
Subsequently, ISV’s carrier tendered an offer to pay policy limits for both building structures scheduled under the policy and absorbed the deductibles.