Palm Beach condo loses hurricane insurance fight
A Palm Beach County condominium association lost a court battle over a $5 million insurance payout for hurricane damage.
Boca Bayou Condominium Association had only received $200,000 from its insurer, Southern Family Insurance, when that company went belly up, and the Florida Insurance Guaranty Association took over its claims.
FIGA estimated total damage at Boca Bayou at $3.38 million and paid the building that amount, minus the initial $200,000, according to the Daily Business Review.
Boca Bayou demanded another appraisal and received an additional $1.7 million. However, that still didn’t cover damage to many of the units, according to the building.
“The court finds that the contractually agreed-to appraisal process has been completed and that the disputed issue has been resolved by appraisal and payment,” Circuit Judge Jack Cox ruled. “This court reserves jurisdiction to determine FIGA’s entitlement to attorney’s fees and costs,” he added.
But Ronald D’Anna at McClosky D’Anna & Dieterle in Boca Raton, who represented Boca Bayou, said they would seek a rehearing.
“The sad part is the unit owners ultimately had to be assessed to repair the roofs, and that’s where the hardship lies,” D’Anna said. [Daily Business Review] – Christopher Cameron