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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.
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Posted: 7/22/2021 7:07:43 AM EDT
[#1]
who counts as a victim? I had to listen to co works talk about it for days. I have emotional suffering.
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Posted: 7/22/2021 7:08:35 AM EDT
[#2]
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 |
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Posted: 7/22/2021 7:09:05 AM EDT
[#3]
Correction; $150M total not each. Reading is hard.
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Posted: 7/22/2021 7:09:21 AM EDT
[#4]
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. |
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Posted: 7/22/2021 7:10:21 AM EDT
[#5]
Insurance will appeal or raise rates.
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Posted: 7/22/2021 7:13:11 AM EDT
[#6]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. |
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Posted: 7/22/2021 7:13:59 AM EDT
[#7]
Quote HistoryQuoted: Insurance will appeal or raise rates. Most likely both. |
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Posted: 7/22/2021 7:17:33 AM EDT
[#8]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. Damn the luck. 
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Posted: 7/22/2021 7:18:11 AM EDT
[#9]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. Right? 
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Posted: 7/22/2021 7:22:58 AM EDT
[#10]
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. |
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Posted: 7/22/2021 7:23:54 AM EDT
[#11]
Most of us get killed for free.
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Posted: 7/22/2021 7:25:25 AM EDT
[#12]
Can I self identify as a resident?
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Posted: 7/22/2021 7:27:29 AM EDT
[#13]
Don't worry about correcting the shitty, wrong, and desperately click bait to great title.
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Posted: 7/22/2021 7:27:47 AM EDT
[#14]
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. |
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Posted: 7/22/2021 7:29:45 AM EDT
[#15]
Quote HistoryQuoted: Insurance will appeal or raise rates. 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. |
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Posted: 7/22/2021 7:37:38 AM EDT
[#16]
Quote HistoryQuoted: 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. 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? |
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Posted: 7/22/2021 7:40:07 AM EDT
[#17]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. 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. |
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Posted: 7/22/2021 7:55:58 AM EDT
[#18]
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.
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Posted: 7/22/2021 9:20:28 AM EDT
[#19]
Not bad.
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Posted: 7/22/2021 9:28:49 AM EDT
[#20]
Quote HistoryQuoted: 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. |
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Posted: 7/22/2021 9:30:20 AM EDT
[#21]
Hard to spend money when you're dead..
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Posted: 7/22/2021 9:31:02 AM EDT
[#22]
And to think i was cancelled for an under slab leak claim... that i withdrew
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Posted: 7/22/2021 12:33:08 PM EDT
[#23]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. 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. |
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Posted: 7/22/2021 12:34:32 PM EDT
[#24]
Quote HistoryQuoted: 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. Quote HistoryQuoted: Quoted: 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/ |
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Posted: 7/22/2021 12:39:16 PM EDT
[#25]
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. |
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Posted: 7/22/2021 12:42:28 PM EDT
[#26]
Quoted: I'm just watching this on the news. A judge made the ruling. This is insurance money not lawsuit money.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 |
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Posted: 7/22/2021 12:42:41 PM EDT
[#27]
Quote HistoryQuoted: 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 OP is tarded |
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Posted: 7/22/2021 12:54:49 PM EDT
[#28]
Quote HistoryQuoted: 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. |
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Posted: 7/22/2021 12:56:07 PM EDT
[#29]
Quote HistoryQuoted: 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 |
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Posted: 7/22/2021 12:57:44 PM EDT
[#30]
Quote HistoryQuoted: The ones who died will be lucky to see anything, because they are dead.  Attached File |
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Posted: 7/22/2021 12:59:26 PM EDT
[#31]
Quote HistoryQuoted: 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 So.... $150 mil - $149.87 mill for the lawyers... Looks like everybody get's about $400  Congratulations on winning your case. |
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Posted: 7/22/2021 1:02:07 PM EDT
[#32]
Quote HistoryQuoted: Most of us get killed for free. Yup, and all of them probably voted to not have a special assessment to fix the spalling . Because it was expense. |
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Posted: 7/22/2021 1:03:03 PM EDT
[#33]
In before the insurance company files bankruptcy
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Posted: 7/22/2021 1:05:00 PM EDT
[#34]
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. |
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Posted: 7/22/2021 1:07:32 PM EDT
[#35]
Quote HistoryQuoted: 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. Quote HistoryQuoted: Quoted: 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 |
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Posted: 7/22/2021 1:07:32 PM EDT
[#36]
This is what happens when you are in a rush to be the first post something without checking closely.
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Posted: 7/22/2021 1:13:12 PM EDT
[#37]
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 |
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Posted: 7/22/2021 2:57:42 PM EDT
[#38]
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. |
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Posted: 7/22/2021 6:31:06 PM EDT
[#39]
Quote HistoryQuoted: 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? |
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Posted: 7/22/2021 6:31:44 PM EDT
[#40]
so the lawyers get about $100 mm
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Posted: 7/22/2021 6:39:14 PM EDT
[#41]
Quote HistoryQuoted: Change your title OP If you change your title, you’re letting them win. 150 million each sounds reasonable. |
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Posted: 7/22/2021 6:41:08 PM EDT
[#42]
Quote HistoryQuoted: 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. 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. |
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Posted: 7/22/2021 6:45:35 PM EDT
[#43]
OP is off rigging his home for collapse so he can cash in too.
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Posted: 7/22/2021 6:47:29 PM EDT
[#44]
Quote HistoryQuoted: Aren't the HOA the ones that knew about the structural problems but chose not to fix them due to cost? Quote HistoryQuoted: Quoted: 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 |
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Posted: 7/22/2021 6:51:02 PM EDT
[#45]
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. |
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Posted: 7/22/2021 6:56:12 PM EDT
[#46]
Quote HistoryQuoted: 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 Quote HistoryQuoted: Quoted: Quoted: 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... |
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Posted: 7/22/2021 6:59:51 PM EDT
[#47]
Quote HistoryQuoted: So then the only ones who have to pay out should be the HOA... Quote HistoryQuoted: Quoted: Quoted: Quoted: 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 |
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Posted: 7/22/2021 7:24:20 PM EDT
[#48]
Quote HistoryQuoted: Correction; $150M total not each. Reading is hard. Why doesn't OP fix his math error? Click bait I guess... |
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Posted: 7/22/2021 7:28:12 PM EDT
[#49]
How much was each condo unit worth prior to the collapse?
Were they $150k condos, or $1m condos? |
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Posted: 7/22/2021 7:35:42 PM EDT
[#50]
Quote HistoryQuoted: How much was each condo unit worth prior to the collapse? Were they $150k condos, or $1m condos? 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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