Confidential
Settlement – $229,000Facts
Plaintiff's house was destroyed in the November 1993 Malibu fires. He had obtained fire insurance through his agent. The Defendant agent undertook to obtain full protection for loss due to fire. Defendant obtained an actual cash value policy that covered only the main structure and not a guest house on the property.
Settlement Discussions
Plaintiff contends he initially demanded $267,000 and Defendants initially offered $50,000. Defendant contends it initially offered $229,000 and Plaintiff initially demanded $592,000.
Damages
The difference between actual cash value and replacement costs, lost rents, and loss of use of the property (the amount was not specified).
Other Information
This case was filed on November 2, 1994; one year and twenty one days prior to this result.
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