As of today, I can report that we are finally making significant progress toward a Hurricane Michael insurance settlement. On the June 15 note, I reported that the insurance company had asked additional questions, and we were gathering information to answer these questions. It was also reported that we had filed a Civil Remedies Notice with the State of Florida which the insurance company should answer within 60 days. We soon answered their questions, but I had nothing further to report by mid-July. We were waiting out their allowed 60 days on the Civil Remedies Notice.
In my report to the Board on August 21, I reported that we had received a letter pointing out that the latest information from the Moonspinner did not fully support the initial claim amount. After discussion, it was decided to remove any and all questioned items, and reduce our claim amount by $203,000 to help move forward. This was done on/about August 18. The insurance company did respond to the Civil Remedies Notice within the 60 days allowed, but made no move toward a settlement process.
With the approval of the Board, it was decided that we should proceed with demanding the Appraisal process, and on August 21, attorney Peterson sent a letter to the insurance company to demand that steps be taken to proceed with that settlement process. Included in this letter was the suggestion that the Moonspinner would be open to proceeding with settlement by mediation. (The Appraisal process settlement consists of an appraiser representing each side, and an Umpire to “referee” and make final decisions – to be the tie-breaker. In the “Demand” letter, the Moonspinner named Pat Garrett as the Appraiser for our side.)
On September 22, we received two letters from the insurance company attorney. The first letter rejected the consideration of a settlement by mediation. The second letter accepted moving forward with the Appraisal process, but rejected Pat Garrett as our Appraiser. (This was not unexpected because Appraisers are required to be independent, impartial professionals. We could still use Garrett if the insurance company allowed, but they did not.) The insurance company said that they are ready to name their appraiser when the Moonspinner names a suitable appraiser, and to then immediately move forward with the Appraisal process.
Today, Peterson and Garrett recommended someone that they have worked with in the past in similar cases, and we have accepted this person as the Moonspinner Appraiser. The insurance company is being notified so that the Appraisal process can begin as soon as possible.
The expectation is that the two Appraisers will be at the Moonspinner within 30 days for initial inspections, and reviewing damage in person. They will review all available information between themselves and with the Umpire, and then a settlement decision will be reached. The Appraisal process is a process where both sides give all authority to the two Appraisers and the Umpire, and their decision is final and binding. The Moonspinner will likely have the results of this process in a few months.
Moonspinner HOA President