The Pointe West Condominium Associations have just received an additional $2,049,766.03 from the second layer insurance carrier to cover wind related damages. This long awaited payment ends a four month dry spell since the last funding of $5,00,000 occurred in November 2008. The immediate use of these funds will be for the payment of completed tear out and restoration operations. The submittals to support these additional funds were completed in December of 2008, so it has taken months to maneuver through the insurance system.
The current insurance payment reflects only a portion of the claim that was submitted in December 2008. The insurance carrier did not agree to cover all the hurricane damage costs claimed in the December 2008 submittal. Several meetings have occurred and various additional submittals have been submitted in an effort to settle the final claim. In order to obtain final resolution the insurance company and the condominium association representatives will be in a series of meetings this week to address the outstanding items.
Once the final insurance settlement is agreed to by all parties the associations will review all hurricane related costs and insurance disbursement to determine the final condominium association assessments. We anticipate the final assessment to be sent out late Summer 2009.
