Confidential
Settlement – $40,000Facts
In July 1994, a fire destroyed most of a 30-unit apartment building owned by the plaintiff. The plaintiff had reacquired the building less than two months before the fire, through foreclosure on the second mortgage. The defendant insurance company insured the building for property damage and loss of rental income. The building was closed for approximately six and one-half months for repairs, including time needed to repair damage done by a number of separate acts of vandalism. The plaintiff was paid approximately $120,000 for property damage and loss of income. The plaintiff brought this action against the defendant based on a breach of contract theory of recovery.
Settlement Discussions
The plaintiff made an initial settlement demand for $100,000. The defendant made an initial offer of $30,000.
Other Information
The settlement was reached approximately one year and 10 months after the case was filed.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390