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Claim 836762272 Supplemental Coverage (2024-04-08) - 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 April 8, 2024 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: ** 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 Amount of Insurance - Loss of Rents: $

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

April 8, 2024
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:

** 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

Amount of Insurance
- Loss of Rents:
$15,300.00
Previous LOR Payment: $3,585.00
Supplemental Payment: $3,585.00
Dear Ms. Nguyen:
This is a follow up to our coverage letter of November 3, 2023, wherein a $3,585.00 payment was issued
for three months Loss of Rents.
As you know, 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.
We have received your request for additional Loss of Rents, as repairs to the dwelling have not been
completed. Please refer to the LOSS OF RENTAL INCOME FORM (CP 99 33 06 20) portion of the
Policy, which states, in whole or in part, as follows:
A. Coverage
1.

Rental Income
We will pay for the actual loss of “Rental Income” you sustain due to the necessary
"suspension" of your "operations" during the "period of restoration". The "suspension"
must be caused by one or more “specified causes of loss” to a described premises
reported for Loss of Rental Income coverage on the Report of Values.
The loss or damage must be caused by or result from a “specified cause of loss”.

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

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Black Cannon
836-762272
April 8, 2024

If you own only part of a building, your described premises means the portion of the
building which you own.
B. Limits Of Insurance
1.

Maximum Period Of Indemnity
The most we will pay for loss of “Rental Income” is the lesser of: (a.) the amount of loss
sustained during the 360 days immediately following the beginning of the "period of
restoration"; or (b.) the Loss of Rental Income Amount of Insurance as reported on the
Report of Values.

2.

Monthly Limit Of Indemnity
The most we will pay for loss of “Rental Income” in each period of 30 consecutive days
after the beginning of the "period of restoration" is the reported Loss of Rental Income
Amount of Insurance multiplied by 1/12th

C. Loss Conditions
The following conditions apply in addition to the Common Policy Conditions and the Commercial
Property Conditions:
…
3.

Loss Determination
a.

The amount of “Rental Income” loss will be determined based on:
(1)

The “Rental Income” of the described premises before the direct
physical loss or damage occurred;

(2)

The likely “Rental Income” of the described premises if no physical loss
or damage had occurred;

(4)

Other relevant sources of information, including:
(a)
(b)
(c)

b.

Your financial records;
Bills, invoices and vouchers; and
rental agreements.

Resumption Of Operations
We will reduce the amount of your “Rental Income” loss to the extent you can
resume your "operations", in whole or in part, by using damaged or undamaged
property at the described premises or elsewhere.

c.

If you do not resume "operations", or do not resume "operations" as quickly as
possible, we will pay based on the length of time it would have taken to resume
"operations" as quickly as possible.

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

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