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Re: Nagico ordered to pay Pasanggrahan
[Re: SammyM]
#183187
02/05/2019 11:48 AM
02/05/2019 11:48 AM
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Joined: Aug 2000
Posts: 82,723 Central Florida!
Carol_Hill
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Posts: 82,723
Central Florida!
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Actually, we have a pretty expensive building here in our town that is NOT insured for wind damage, because the cost was too prohibitive to do so. It is insured for other perils though. It's actually not that unusual.
I'm sure there are a ton of other claims that are not yet resolved. I actually am not sure that the claim for the airport has been resolved yet??
Carol Hill
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Re: Nagico ordered to pay Pasanggrahan
[Re: SammyM]
#183206
02/05/2019 02:29 PM
02/05/2019 02:29 PM
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Joined: Aug 2000
Posts: 82,723 Central Florida!
Carol_Hill
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Hi. I just know OF that situation, and it's not anything that I have any personal control over. I was just responding to your comment which I took to mean that no one would buy a policy that doesn't cover wind damage. That could be it's not what you meant. Regardless, I do know that many businesses and private individuals in SXM have NO insurance coverage at all. I have no idea what it costs to get hurricane insurance in SXM but it can't be cheap. Even here in Florida, it is very expensive, AND there are high percentage deductibles. When we had our damage due to Irma here, by the time they deducted the very high deductible and depreciation and whatever, we got paid about 1/3 of our loss..
Carol Hill
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Re: Nagico ordered to pay Pasanggrahan
[Re: SammyM]
#183293
02/06/2019 12:45 PM
02/06/2019 12:45 PM
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Joined: Aug 2000
Posts: 82,723 Central Florida!
Carol_Hill
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Posts: 82,723
Central Florida!
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Yes, it appears the dispute was about paying the money to a secured creditor of the hotel, versus directly to the hotel. Pretty standard policy term to have insurance proceeds paid to a mortgage holder. Now what happens from there in this case is unclear. When we had our claim on our house here, the money was payable to us and the mortgage company and then they signed it over to us, I guess once they confirmed we were up to date on our mortgage. PERHAPS the hotel is not up to date on those payments and they figure that the mortgage holder won't pay the money over to them ?
Carol Hill
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