Many readers know that yours truly was appointed as the insurance coverage assistant for the class of victims at the collapse of Champlain Towers in Surfside, Florida. A settlement was announced in open court yesterday of almost one billion dollars. I’m sure the final amount of insurance recovered will be over a billion dollars – all within a year of the disaster.
I want it to sink in with the readers of this blog – a settlement of a billion dollars, and the disputed responsibility and damage was achieved well within a year after a disaster, the cause of which is still being discussed. So why can we not get this type of adaptation speed on more everyday property insurance claims?
Shortly before the court announced the settlement, I ended a friendly debate at Lloyd̵7;s of London Property Insurance Claims Group. One of my emphases in the last question that was asked was that the role of the property claims adjuster after a loss is to get the money owed from the insurance company’s treasury into the hands of the insurance customer as soon as possible.
We must all remember that fast payment is important because part of the social role of insurance is to give peace of mind that a financial loss will be mitigated by a quick payment of the insurance.
I’ll write more about Lloyd’s presentation with Steve Badger tomorrow.
I want to acknowledge how much time and effort Merlin Law Group’s attorney Shane Smith and my assistant Tiffany Rodriguez played to help me provide more opinions and advice to our fellow lawyers. The result is extraordinary when you consider the circumstances and the speed of the agreed agreements.
One billion dollars is not what it used to be.
—Nelson Bunker Hunt