Filing Number: 786193
|
| Filing Accepted: 10/8/2024 |
| Last/Business Name
*
|
|
|
REGENCY HOUSE OF PORT CHARLOTTE - A CONDOMINIUM, INC.
|
|
First Name |
|
|
|
| Street Address
*
|
|
2300 AARON STREET |
| City, State Zip
*
|
|
PORT CHARLOTTE,
FL
33952
|
| Email Address
*
|
|
DAVID@MYPPM.NET |
| Complainant Type:
*
|
|
Insured |
|
| Last/Business Name* |
|
REGENCY HOUSE OF PORT CHARLOTTE – A CONDOMINIUM, INC. |
|
First Name |
|
|
| Policy # * |
|
HCP007198 |
|
Claim #* |
|
H101772 |
|
Attorney is Applicable
|
| Last Name* |
BOGGS
First Name *
AMY
Initial
|
| Street Address* |
|
4554 CENTRAL AVENUE, SUITE L |
| City, State Zip* |
|
ST. PETERSBURG
,
FL
33711
|
| Email Address * |
|
BOGGS-PLEADINGS@BOGGSLAWGROUP.COM |
|
|
| Insurer Type
*
|
|
 Authorized Insurer
 Unauthorized Insurer
|
|
|
| Insurer Name |
|
|
| Insurer Name* |
|
HERITAGE PROPERTY & CASUALTY INSURANCE COMPANY
|
| Insurer Name* |
|
|
| Street Address* |
|
|
| City, State Zip* |
|
,
|
|
NAIC Company Code 14407 |
|
|
| Name of individual responsible for violation (if any):*
N/A
|
| Type of Insurance
*
Commercial Property & Casualty
|
|
|
| Reason for Notice
*
|
|
|
Claim Delay
|
|
|
Unsatisfactory Settlement Offer
|
|
|
Unfair Trade Practice
|
|
|
*
Statutory provision(s) which the insurer allegedly violated.
|
|
|
|
| 624.155(1)(b)(1) |
|
Not attempting in good faith to settle claims when, under all the circumstances, it could and should have done so, had it acted fairly and honestly toward its insured and with due regard for her or his interests.
|
|
| 626.9541(1)(i)(3)(a) |
|
Failing to adopt and implement standards for the proper investigation of claims.
|
|
| 626.9541(1)(i)(3)(b) |
|
Misrepresenting pertinent facts or insurance policy provisions relating to coverages at issue.
|
|
| 626.9541(1)(i)(3)(c) |
|
Failing to acknowledge and act promptly upon communications with respect to claims.
|
|
*
Specific policy language that is relevant to the violation.
Enter all words or phrases (one at a time) that should be used to filter.
A. Coverage
We will pay for direct physical loss of or damage to
Covered Property at the premises described in the
Declarations caused by or resulting from any Covered
Cause of Loss.
1. Covered Property
Covered Property, as used in this Coverage
Part, means the type of property described in
this section, A.1., and limited in A.2., Property
Not Covered, if a Limit of Insurance is shown in
the Declarations for that type of property.
a. Building, meaning the building or structure
described in the Declarations, including:
(1) Completed additions;
(2) Fixtures, outside of individual units,
including outdoor fixtures;
|
| |
*
Facts and circumstances giving rise to the violation.
Enter all words or phrases (one at a time) that should be used to filter.
Regency House of Port Charlotte – A Condominium, Inc. (the “Insured”) owned real property located at: 2300 Aaron Street, Port Charlotte, Florida 33952 (the “Property”). On or about September 28, 2022, the Property suffered extensive damage from Hurricane Ian. The Property was insured through Heritage Property & Casualty Insurance Company (“Heritage”) under Policy No. HCP007198 (the “Policy”) at the time of the loss.
The Insured had ample coverage under the Policy to cover the loss. The Insured made a claim with Heritage, who assigned claim No. H101772 and investigated the loss. Heritage accepted coverage for the loss but has failed and refused to pay the full amount due for the Insured’s covered loss. To date, Heritage has tendered $152,234.88 for the Insured’s covered loss. Despite Heritage’s failure to fully indemnify the Insured for the covered loss, the Insured Property has been fully repaired.
The Insured retained their own licensed public adjuster, Strategic Claims Consultants, for assistance with the claim and investigated the loss. The Insured’s total damage is estimated by Strategic Claims Consultants at $5,584,523.87 ACV / $5,693,298.15 RCV.
The Insured’s outstanding damages are calculated as follows: Main Structure - $5,426,274.11 RCV, less prior payment of $64,963.34, less the deductible of $164,029.05= $5,197,281.72 RCV due under Main Structure Coverage. Carport 1 - $90,850.53 RCV, reduced to limit of $65,368.00, less prior payment of $16,074.23= $49,293.77 RCV due for Carport 1. Carport 2 - $79,800.46 RCV, reduced to limit of $65,368.00, less prior payment of $38,716.28= $26,651.72 RCV due for Carport 2. Carport 3 - $96,373.05 RCV, reduced to limit of $76,264.00, less prior payment of $32,481.03= $43,782.97 RCV due for Carport 3. The total outstanding amount due at this time is $5,317,010.18 ($5,197,281.72 + $59,293.77 + $26,651.72 + $43,782.97).
The disparity between the Insured’s $5,693,298.15 RCV in damages, and Heritage’s payment of $152,234.88 for the Insured’s claim constitutes a bad faith effort by Heritage to avoid full payment for the Insured’s covered loss. Heritage hopes that the Insured will settle their claim for far less than the full benefits they are owed under the Policy. In sum, Heritage has vastly underpaid the Insured’s claim and has refused to tender full benefits that the Insured is due for this covered loss under the Policy. In failing to make payment of benefits due, Heritage has also failed to investigate and settle the claim in good faith, adjusted the claim without conducting a proper investigation, and misrepresented pertinent facts pertaining to the Policy coverage.
On information and belief, Heritage has engaged in the following behaviors with such frequency that the conduct is a pattern and practice of Heritage: delay, improper adjustment of claims, and under-valuation of claims.
Heritage and the Insured were parties to a valid and binding contract of insurance. This contract of insurance requires Heritage to provide benefits to the Insured in the case of a covered loss to the Property. The Insured suffered a covered loss under the Policy and has otherwise suffered damage that is not excluded under the Policy. All conditions precedent to obtaining coverage for the loss have been complied with, met, or waived. Heritage has failed and refused to pay the full benefits due for the covered loss. The Insured has been damaged by Heritage’s breach of contract.
This notice is given to perfect the right to pursue the civil remedy authorized by Florida Statute, including all bad faith/extra-contractual and punitive damages, should Heritage fail to cure the violations set forth in this notice within the given cure period. To cure the defects outlined in this civil remedy notice Heritage must: (1) Provide full payment of benefits for the Insured’s claim; and (2) Tender interest for benefits due at the statutory rate dating back to reporting of the loss per Fla. Stat. §627.70131.
|
|
|
*
|
The submitter hereby states that this notice is given in order to perfect the rights of the
person(s) damaged to pursue civil remedies authorized by Section 624.155, Florida Statutes.
Before submitting a Notice using this system, please verify that all text has been entered
correctly and completely. Once the Notice has been submitted, the text cannot be changed
or deleted.
|
DFS-10-363
Rev. 10/14/2008
|