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Posted: 7/22/2021 7:00:55 AM EDT
I'm just watching this on the news.  A judge made the ruling.  This is insurance money not lawsuit money.
Link Posted: 7/22/2021 7:07:43 AM EDT
who counts as a victim? I had to listen to co works talk about it for days. I have emotional suffering.
Link Posted: 7/22/2021 7:08:35 AM EDT
Uh no...

What I read is there is a 150mil pot and it will be divided up between them (minus some attorney fees I'm sure).. with 100+ dead, and who knows how many injured or "psychologically scarred"... the ones who died will probably be lucky to see a couple hundred

Link Posted: 7/22/2021 7:09:05 AM EDT
Correction; $150M total not each. Reading is hard.
Link Posted: 7/22/2021 7:09:21 AM EDT
[Last Edit: 7/22/2021 7:10:51 AM EDT by fxntime]
Never happen.

Insurance makes you whole, it's doesn't compensate you for bad ''feelz.''

For most people, they likely have a mortgage and the financial institution will be first in line for any money paid out.
Link Posted: 7/22/2021 7:10:21 AM EDT
Insurance will appeal or raise rates.
Link Posted: 7/22/2021 7:13:11 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote
Change your title OP
Link Posted: 7/22/2021 7:13:59 AM EDT
Link Posted: 7/22/2021 7:17:33 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote


Damn the luck.
Link Posted: 7/22/2021 7:18:11 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote


Right?

Link Posted: 7/22/2021 7:22:58 AM EDT
Using liberal math, that would equal 2 million per person in the US.

Mara Gay joined MSNBC’s Brian Williams Thursday night to talk about Michael Bloomberg’s campaign spending, affirming a wildly inaccurate social media claim that Bloomberg could have instead given every American $1 million and had money leftover.
Link Posted: 7/22/2021 7:23:54 AM EDT
Most of us get killed for free.
Link Posted: 7/22/2021 7:25:25 AM EDT
Can I self identify as a resident?
Link Posted: 7/22/2021 7:27:29 AM EDT
Don't worry about correcting the shitty, wrong, and desperately click bait to great title.
Link Posted: 7/22/2021 7:27:47 AM EDT
[Last Edit: 7/22/2021 7:28:11 AM EDT by networkguru]
its more like a "maybe".
The owners et al. have not all agreed to sell the property.
And there is the touchy thing about it being a gravesite and memorial.

It's going to be a long time.
Link Posted: 7/22/2021 7:29:45 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 4v50:
Insurance will appeal or raise rates.
View Quote


You either go bankrupt or figure out how to show a profit.

Other sources must be tapped....

Buy a politician who can make laws that favor you is always the way to go if you can.
Link Posted: 7/22/2021 7:37:38 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 9divdoc:


You either go bankrupt or figure out how to show a profit.

Other sources must be tapped....

Buy a politician who can make laws that favor you is always the way to go if you can.
View Quote



I saw an interesting article about the condo.   The issues were known for a long while.   Per the article, the Condo Association pushed for the owners to come up with the repair money, but it was always voted down.

So, if I drive around with shot brakes on my car, the mechanic says 'you really need to fix these' (not just once but several times over a period of time), and my brakes fail and I hit a wall...who can I sue to get a bunch of money?
Link Posted: 7/22/2021 7:40:07 AM EDT
[Last Edit: 7/22/2021 7:41:32 AM EDT by chmodx]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote


Lol.

And that an attorney(s) are involved, they will take their cuts first.  The attorney filled sit the day after, seized the opportunity before all the others could get on board.

The insurance company agreed to pay its limit immediately to avoid long litigation and pro-rata settlement.  The insurance company well wash their hands of this and it will be civil matters between parties and estates.
Link Posted: 7/22/2021 7:55:58 AM EDT
Insurance will pay whatever the limit of liability is. Maybe more of the courts want to take punitive actions against the building owners. Insurance company likely has re-insurance for events like this.  So essentially they’ll pay their deductible and their insurance will cover the rest.
Link Posted: 7/22/2021 9:20:28 AM EDT
Not bad.
Link Posted: 7/22/2021 9:28:49 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 4v50:
Insurance will appeal or raise rates.
View Quote


Appeal yes, raise rates for who?  The property itself is gone.

That insurance company is in a competitive market with every other insurance company.  They can't raise rates any further than their ability to compete with the next insurance company.  This event is just a punch in the dick for them and that's it.
Link Posted: 7/22/2021 9:30:20 AM EDT
Hard to spend money when you're dead..
Link Posted: 7/22/2021 9:31:02 AM EDT
And to think i was cancelled for an under slab leak claim... that i withdrew
Link Posted: 7/22/2021 12:33:08 PM EDT
[Last Edit: 7/22/2021 12:44:12 PM EDT by Andr0id]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote


That sounds like the cost of demo, hauling and replacing the building... They are condos and as such they own the building and it is insured.

No different than your house burning down, insurance company has to pay out on your homeowners policy.


Link Posted: 7/22/2021 12:34:32 PM EDT
[Last Edit: 7/22/2021 12:37:30 PM EDT by Andr0id]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


Appeal yes, raise rates for who?  The property itself is gone.

That insurance company is in a competitive market with every other insurance company.  They can't raise rates any further than their ability to compete with the next insurance company.  This event is just a punch in the dick for them and that's it.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:
Originally Posted By 4v50:
Insurance will appeal or raise rates.


Appeal yes, raise rates for who?  The property itself is gone.

That insurance company is in a competitive market with every other insurance company.  They can't raise rates any further than their ability to compete with the next insurance company.  This event is just a punch in the dick for them and that's it.


That's why insurance companies buy reinsurance on their insurance.

GenRe is a huge player in this, Lloyds of London also I think.

https://www.genre.com/

Link Posted: 7/22/2021 12:39:16 PM EDT
[Last Edit: 7/22/2021 12:40:39 PM EDT by CPT_CAVEMAN]
I'm still waiting for my check for the 3M earplugs. Just got my tuna voucher.

Just dropped my paperwork for the BC/BS thing.
Link Posted: 7/22/2021 12:42:28 PM EDT
Originally Posted By Tiempos_Peligrosos:
I'm just watching this on the news.  A judge made the ruling.  This is insurance money not lawsuit money.
View Quote


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris
Link Posted: 7/22/2021 12:42:41 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By IndyGunFreak:
Uh no...

What I read is there is a 150mil pot and it will be divided up between them (minus some attorney fees I'm sure).. with 100+ dead, and who knows how many injured or "psychologically scarred"... the ones who died will probably be lucky to see a couple hundred

View Quote

OP is tarded
Link Posted: 7/22/2021 12:54:49 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris
View Quote


If the Insurance Co pays out for the land and not just a new building, they'll own the land and whoever wants to build a memorial will need to buy it from them.



Link Posted: 7/22/2021 12:56:07 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By IndyGunFreak:
Uh no...

What I read is there is a 150mil pot and it will be divided up between them (minus some attorney fees I'm sure).. with 100+ dead, and who knows how many injured or "psychologically scarred"... the ones who died will probably be lucky to see a couple hundred

View Quote
The ones who died will be lucky to see anything, because they are dead.
Link Posted: 7/22/2021 12:57:44 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Torf:
The ones who died will be lucky to see anything, because they are dead.
View Quote

Attachment Attached File
Link Posted: 7/22/2021 12:59:26 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By IndyGunFreak:
Uh no...

What I read is there is a 150mil pot and it will be divided up between them (minus some attorney fees I'm sure).. with 100+ dead, and who knows how many injured or "psychologically scarred"... the ones who died will probably be lucky to see a couple hundred

View Quote


So.... $150 mil - $149.87 mill for the lawyers... Looks like everybody get's about $400

Congratulations on winning your case.
Link Posted: 7/22/2021 1:02:07 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Sundowner08L:
Most of us get killed for free.
View Quote


Yup, and all of them probably voted to not have a special assessment to fix the spalling .  Because it was expense.
Link Posted: 7/22/2021 1:03:03 PM EDT
In before the insurance company files bankruptcy
Link Posted: 7/22/2021 1:05:00 PM EDT
In before the insurance company declares bankruptcy.   Great Florida tradition; take payments for decades then declare bankruptcy when something happens. Wait a year, then reform under the same name.

Profit.
Link Posted: 7/22/2021 1:07:32 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Andr0id:


If the Insurance Co pays out for the land and not just a new building, they'll own the land and whoever wants to build a memorial will need to buy it from them.



View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Andr0id:
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris


If the Insurance Co pays out for the land and not just a new building, they'll own the land and whoever wants to build a memorial will need to buy it from them.





I do not believe that the land is insured, only the former crappy building.

The owners will probably share in just the building payout, initially and then the private sale of the land. I haven’t heard much chatter about the HOA rebuilding the condo for obvious reasons.

Everything is still very much fluid.

Chris
Link Posted: 7/22/2021 1:07:32 PM EDT
This is what happens when you are in a rush to be the first post something without checking closely.
Link Posted: 7/22/2021 1:13:12 PM EDT
[Last Edit: 7/22/2021 1:13:44 PM EDT by glockluv]
After the settlement administrators and lawyers take their cut you're looking at maybe a million each

Small price for a horrific death if you ask me, but then again I'm not really sure who's even at fault on this one
Link Posted: 7/22/2021 2:57:42 PM EDT
Unless there was a $150,000,000 policy on the building too bad.  

Insurance should pay out the max of said policy, all depends on how the policy is worded.
Link Posted: 7/22/2021 6:31:06 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris
View Quote


Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost?
Link Posted: 7/22/2021 6:31:44 PM EDT
so the lawyers get about $100 mm
Link Posted: 7/22/2021 6:39:14 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Mike_Golf:
Change your title OP
View Quote



If you change your title, you’re letting them win. 150 million each sounds reasonable.
Link Posted: 7/22/2021 6:41:08 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


Appeal yes, raise rates for who?  The property itself is gone.

That insurance company is in a competitive market with every other insurance company.  They can't raise rates any further than their ability to compete with the next insurance company.  This event is just a punch in the dick for them and that's it.
View Quote


Yeah, I’m sure the other carriers are giddy with excitement to be potentially insuring other ticking time bombs like this condo was.  

In reality, every carrier will raise rates (at least for this class). You can also bet new exclusion forms are being written into every condo policy to mitigate a potential similar claim. Some may say “Fuck it, non-renew every condo and stop writing new business”. Whatever carriers decide to keep writing this class will raise rates, deductibles and limit coverage because they can.

Link Posted: 7/22/2021 6:45:35 PM EDT
OP is off rigging his home for collapse so he can cash in too.
Link Posted: 7/22/2021 6:47:29 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By shocktrp:


Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost?
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By shocktrp:
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris


Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost?


Yep.

I’m sorry that people died, but they knew that they were in trouble back in 2018 and just kept kicking the can down the road until this past June, when a self correcting problem came to fruition.

Chris
Link Posted: 7/22/2021 6:51:02 PM EDT
Aren't their close to 150 victim families?

That works out to a million each.  Then take away legal fees and it doesn't amount to a tremendous amount.
Link Posted: 7/22/2021 6:56:12 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ChrisGarrett:


Yep.

I’m sorry that people died, but they knew that they were in trouble back in 2018 and just kept kicking the can down the road until this past June, when a self correcting problem came to fruition.

Chris
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ChrisGarrett:
Originally Posted By shocktrp:
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris


Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost?


Yep.

I’m sorry that people died, but they knew that they were in trouble back in 2018 and just kept kicking the can down the road until this past June, when a self correcting problem came to fruition.

Chris


So then the only ones who have to pay out should be the HOA...
Link Posted: 7/22/2021 6:59:51 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By shocktrp:


So then the only ones who have to pay out should be the HOA...
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By shocktrp:
Originally Posted By ChrisGarrett:
Originally Posted By shocktrp:
Originally Posted By ChrisGarrett:


The building has been valued/insured at $50 million and the sale of the land is estimated at $100 million.

If a memorial is to be realized, the HOA needs to be paid $150 million, to be split within the HOA.

Chris


Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost?


Yep.

I’m sorry that people died, but they knew that they were in trouble back in 2018 and just kept kicking the can down the road until this past June, when a self correcting problem came to fruition.

Chris


So then the only ones who have to pay out should be the HOA...


I once took property in law school, some three and a half decades ago, but that’s above my pay grade.

There’s gotta be some culpability on behalf of the HOA board, but that’s what the courts/lawyers are for.

Chris
Link Posted: 7/22/2021 7:24:20 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SkyFive:

Correction; $150M total not each. Reading is hard.
View Quote



Why doesn't OP fix his math error?  Click bait I guess...
Link Posted: 7/22/2021 7:28:12 PM EDT
How much was each condo unit worth prior to the collapse?

Were they $150k condos, or $1m condos?
Link Posted: 7/22/2021 7:35:42 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 999monkeys:
How much was each condo unit worth prior to the collapse?

Were they $150k condos, or $1m condos?
View Quote


They had 1 & 2 bedroom units with a couple/few penthouses that might have had 3.

What I’ve read locally, shows upwards of $800,000 for some of them.

As an aside, 1 BR units were going to be assessed $80,000 for their share and the penthouse units were requiring $330,000, for reference.

The day after, I heard a 1 BR owner state that he had secured an $80,000 loan to pay it off at once and stated that on Friday, he called his lender and canceled the loan.

Chris
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