Claim
A broken sprinkler pipe on the 5th floor of the historic First National State Bank building in Newark, NJ resulted in extensive damage that spread to six floors below, affecting over 40 apartments and common areas. This incident also rendered the elevators, fire panel, security system, and HVAC inoperable. To restore the property to its pre-loss condition, the building’s owner faced numerous hurdles, including limited time and dealing with an insurance company known for lengthy claims processing. However, with the assistance of Crestview Public Adjusters, a full settlement for the building damages was negotiated within an impressive 90-day timeframe.
Hurdles Faced
Despite having a builders risk policy in place, the building’s owner had plans to open the building as residential studio apartments just one week after the devastating incident occurred. However, the process of dealing with an insurance company notorious for lengthy claim settlements put the owner in a challenging predicament.
Strategy Implemented
Recognizing the urgency of the situation, Crestview Public Adjusters collaborated closely with the building’s owner to meticulously document the extent of the damage and craft a comprehensive claim submission. Leveraging their team of experienced negotiators, Crestview Public Adjusters presented this well-documented evidence to the insurance company, ultimately securing a full settlement. Throughout the entire process, the team provided the owner with clear and timely updates while remaining focused on achieving a successful outcome.
Successful Outcome
Thanks to the dedicated efforts of Crestview Public Adjusters, the developers were able to open the building as initially planned within a remarkable four-month period after the date of loss. Furthermore, the entirety of the funds from the insurance company was received within this timeframe. Crestview Public Adjusters’ expertise in documentation and negotiation played a pivotal role in enabling the owner to overcome significant hurdles and move forward confidently with their plans for the property.
Beyond negotiating the settlement, Crestview Public Adjusters went above and beyond by coordinating all necessary emergency services on behalf of the owner. This included conducting a thorough moisture mapping process to ensure proper mitigation of the property in a timely manner. Additionally, state-of-the-art Matterport Technology was utilized to create a detailed 3D image of the entire property, preserving crucial evidence for the claim and providing the best possible documentation.
Conclusion
The broken sprinkler pipe incident posed substantial challenges for the First National State Bank building’s owner, jeopardizing their plans to open the property as residential studios. However, with the professional expertise and dedicated efforts of Crestview Public Adjusters, these obstacles were successfully overcome. Not only did Crestview Public Adjusters secure a prompt and full settlement, but they also coordinated vital emergency services, mitigated the property effectively, and provided impeccable documentation. Through Crestview Public Adjusters’ comprehensive assistance, the owner was able to regain control of their restoration timeline and move forward with confidence, ensuring the property fully recovered from its unfortunate ordeal.
