CONDOMINIUM COMMUNITY - PUERTO RICO
condominium community - Puerto rico
Net Settlement Offer Prior to MLA’s Engagement: $192,588.77
Final Net Settlement with MLA’s Representation: $1,143,400.60
On September 20, 2017, the eye of Hurricane Maria made landfall just miles away from Palmas Del Mar, Puerto Rico devastating the community. MLA Claims worked with a high-end residential condominium association located in the prestigious golf and beach resort community of Palmas Del Mar to settle their insurance claim.
The association initially elected to pursue its Hurricane Maria insurance claim without representation. After approximately 7 months of working with the insurance carrier’s representatives, the applicable insurance carrier presented a net full and final settlement offer of $192,588.77. Having concerns that the settlement offer presented by the carrier was deficient, the association’s Board of Directors elected to interview public insurance adjustment firms, ultimately electing to hire MLA Claims.
MLA Claims immediately commenced the process of inspecting more than 25 buildings consisting of 76 residential units, a club house, a pool and a guard house as well as assessing all applicable common areas. To sufficiently document the claim, MLA Claims prepared more than 80 individual estimates and did so in less than 30 days.
Following numerous re-inspections and meetings with the insurance carrier’s representatives, detailed presentations prepared by MLA Claims and an intricate adjustment process, the insurance carrier ultimately agreed to a full and final settlement of $1,143,400.60—nearly 6 times the original offer.