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Claim 836762272 Coverage Letter (2023-11-03) - 1315 E 114th St, Cleveland, OH 44106.pdf

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Financial Institution Services Division Great American Insurance Tower 301 East Fourth Street, Suite 25-S Cincinnati, Ohio 45202 November 3, 2023 Black Cannon LFTY0300 DAO LLC Attn: Kathy Nguyen 66 W. Flagler St., #900 Miami, FL 33130 RE: Claim Number: Insured: Policy Number: Property Address: Date of Discovery: Amount of Insurance: Damage RCV: ACV: Deductible: Payment: ** sent via email only ** ** kathie@lofty.ai ** 836-762272 Black Cannon LFTY0300 DAO LLC E927023 1315 E 114th St., Cleveland, O

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Financial Institution Services Division
Great American Insurance Tower
301 East Fourth Street, Suite 25-S
Cincinnati, Ohio 45202

November 3, 2023
Black Cannon LFTY0300 DAO LLC
Attn: Kathy Nguyen
66 W. Flagler St., #900
Miami, FL 33130
RE:

Claim Number:
Insured:
Policy Number:
Property Address:
Date of Discovery:
Amount of Insurance:
Damage
RCV:
ACV:
Deductible:
Payment:

** sent via email only **
** kathie@lofty.ai **

836-762272
Black Cannon LFTY0300 DAO LLC
E927023
1315 E 114th St., Cleveland, OH 44106
October 8, 2023
$203,840.00
$23,317.56
$20,702.82
$2,500.00
$18,202.82

Amount of Insurance
Loss of Rents: $15,300.00
LOR Payment: $3,585.00
Dear Ms. Nguyen:
Great American E&S Insurance Company (“Great American”) insures Black Cannon LFTY0300 DAO
LLC (“Black Cannon”) under Policy E927023 with an effective coverage period of January 24, 2023,
until January 24, 2024. Our office received notice of the above referenced claim on October 12, 2023.
The loss report notes: From Tenant: "the third floor ceiling caught fire inside due to electrical issues and
we are advised by the fire department to not cut the breaker box back on so we don't have power" The
ceiling upstairs with the roof has been knocked out. All the insulation has been scattered everywhere.
Repairs needed include replacing fire damaged carpet, roof insulation, sheetrock.
Michael Binion with Cross Country Adjusting was assigned, and he inspected on October 24, 2023. Mr.
Binion’s inspection confirmed fire damage to the dwelling. A copy of the estimate for the covered
damage and inspection photos are included for your review.
The Replacement Cost Value of the damage as outlined in the attached estimate totals $23,317.56. The
Actual Cash Value totals $20,702.82.
Please refer to the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (CP 00 10 10 12)
portion of your policy, which states, in whole or in part, as follows:
D. Deductible
In any one occurrence of loss or damage (hereinafter referred to as loss), we will first reduce the
amount of loss if required by the Coinsurance Condition or the Agreed Value Optional Coverage.

Financial Institution Services Division · Part Of Great American Property & Casualty Insurance Group

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Black Cannon
836-762272
November 3, 2023

If the adjusted amount of loss is less than or equal to the Deductible, we will not pay for that loss.
If the adjusted amount of loss exceeds the Deductible, we will then subtract the Deductible from
the adjusted amount of loss, and will pay the resulting amount or the Limit of Insurance,
whichever is less.
E. Loss Conditions
The following conditions apply in addition to the Common Policy Conditions and the Commercial
Property Conditions:
4.

Loss Payment
a.

In the event of loss or damage covered by this Coverage Form, at our option, we
will either:
(1)
(2)
(3)
(4)

Pay the value of lost or damaged property;
Pay the cost of repairing or replacing the lost or damaged property,
subject to b. below;
Take all or any part of the property at an agreed or appraised value; or
Repair, rebuild or replace the property with other property of like kind
and quality, subject to b. below.

We will determine the value of lost or damaged property, or the cost of its repair
or replacement, in accordance with the applicable terms of the Valuation
Condition in this Coverage Form or any applicable provision which amends or
supersedes the Valuation Condition.
b.

The cost to repair, rebuild or replace does not include the increased cost
attributable to enforcement of any ordinance or law regulating the construction,
use or repair of any property.

c.

We will give notice of our intentions within 30 days after we receive the sworn
proof of loss.

d.

We will not pay you more than your financial interest in the Covered Property.

e.

We may adjust losses with the owners of lost or damaged property if other than
you. If we pay the owners, such payments will satisfy your claims against us for
the owners' property. We will not pay the owners more than their financial
interest in the Covered Property.

f.

We may elect to defend you against suits arising from claims of owners of
property. We will do this at our expense.

g.

We will pay for covered loss or damage within 30 days after we receive the
sworn proof of loss, if you have complied with all of the terms of this Coverage
Part and:
(1)

We have reached agreement with you on the amount of loss; or

Financial Institution Services Division · Part Of Great American Property & Casualty Insurance Group

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