SUCCESS STORY: RETAIL STORM DAMAGE INSURANCE CLAIM
AIA Recovers Maximum Settlement Due To Broken Pipe Water Damage
Eleny Couture is an elite dress designer for some of the world’s most recognized names. Water damage from a broken pipe above Eleny’s 57th Street location spilled into their work room, drenching a considerable amount of Eleny’s high-end fabric.
Concerns
The insurance company offered Eleny $12,000 to cover their cost to replace the water damaged fabric. Eleny had difficulty estimating the cost of their fabric due to the vast amount they had and the difference in price for each type of material. Eleny felt their fabric would cost closer to $30,000. They needed a water damage claim adjuster, and we were there for them.
Our Solution
Atlantic Insurance Adjusters obtained a complete copy of Eleny’s policy and discovered the policy was outdated by only a few days prior to the loss. AIA requested the new current policy, which was a vastly different version than what the insurance company was utilizing when making their offer to Eleny. The correct insurance policy contained language that permitted Eleny to claim the actual “Selling” price of any dresses they were working on, but had not completed as a result of the loss.
Result
Eleny’s dresses were pre-sold for prices ranging from $8,000 to $15,000. Although the insurance company originally offered just $12,000, AIA was able to negotiate a $275,000 settlement.