Luxury Policy Claim Negotiation
March 6, 2020
High-end condo looks to EP to avoid dispute
The owner of this luxury condominium had purchased what they believed was the “Ferrari” of insurance policies, had never had a claim, and expected to be paid quickly following substantial water damage to their home. After months of negotiations, communication broke down between this condo owner and their insurer. The owner contacted Eastern Public to represent their interest in an arbitration proceeding.
Eastern Public reviewed the situation and advised the insured on an alternative course of action which would rely on Eastern Public’s trusted reputation with this insurance carrier. Following our guidance, the insured avoided the arbitration hearing entirely and was made whole in a relatively short period of time.
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News & Press
In property insurance claims, Actual Cash Value (ACV) is often calculated as replacement cost minus depreciation—but that doesn’t always reflect a property’s true value. Under the Broad Evidence Rule, adjusters and appraisers are encouraged to consider multiple factors, such as market value, functional condition, and income potential, to arrive at a fairer and more accurate valuation. This approach is especially useful for properties with unique characteristics or market conditions that don’t fit neatly into a standard formula. By weighting different valuation inputs, professionals can better capture the real economic loss—leading to more balanced, defensible outcomes for both insurers and policyholders.
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