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Insurance - 2024-05-01 - 13806 Coit Rd, Cleveland, OH 44110.pdf

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Financial Institution Services Division Great American Insurance Tower 301 East Fourth Street, Suite 25-S Cincinnati, Ohio 45202 May 1, 2024 Lofty Holding 13806 Coit Rd DAO LLC Attn: Kathie Nguyen 66 W Flagler St, #900 Miami, FL 33130 RE: Claim Number: Insured: Policy Number: Property Address: Date of Discovery: Amount of Insurance: Damage: Deductible: Payment: ** via e-mail only ** ** pm@lofty.ai ** 836-771966 Lofty Holding 13806 Coit Rd DAO LLC E927023 13806 Coit Rd, Cleveland, OH 44110 March

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

May 1, 2024
Lofty Holding 13806 Coit Rd DAO LLC
Attn: Kathie Nguyen
66 W Flagler St, #900
Miami, FL 33130
RE:

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

** via e-mail only **
** pm@lofty.ai **

836-771966
Lofty Holding 13806 Coit Rd DAO LLC
E927023
13806 Coit Rd,
Cleveland, OH 44110
March 28, 2024
$292,600.00
RCV: $3,800.00
$2,500.00
$1,300.00

Hello:
Great American E&S Insurance Company (“Great American”) insures Lofty Holding 13806 Coit Rd
DAO LLC under Policy E927023 with a policy effective date of January 24, 2024, until January 24, 2025.
Our office received notice of the above referenced claim on April 16, 2024. The loss notice reported,
“The Property Manager (HomeRiver Group) reported that the hot water tank was stolen from the
property. The Property Manager was working on make ready repairs at the property.”
Clifford Lesane with Cross Country Adjusting was assigned to inspect the property and completed his
inspection of the property found that the water heaters were missing. We reviewed the estimate you
provided from Vella Property Solutions in the amount of $3,800.00 and have approved it.
The Replacement Cost of the damage as outlined in the attached estimate totals $3,800.00.
Please refer to the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (CP 99 00 01 23)
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), the Deductible will be
applied to each “described premises”. We will first reduce the amount of loss if required by any
Coinsurance Penalty. If the amount of loss or damage to the “described premises” is less than or
equal to the Deductible, we will not pay for that loss. If the amount of loss or damage to the
“described premises” exceeds the Deductible, we will then subtract the Deductible from the amount
of loss in accordance with Section E.7. Valuation.

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

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Lofty Holding 13806 Coit Rd DAO LLC
836-771966
May 1, 2024

When the occurrence involves loss to more than one item of Covered Property on the “described
premises” and separate Amounts of Insurance apply, the losses will be combined and the Deductible
will be applied only once per loss occurrence per “described premises”.
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) Pay the value of lost or damaged property;
(2) Pay the cost of repairing or replacing the lost or damaged property, subject to b.
below;
(3) Take all or any part of the property at an agreed or appraised value; or
(4) 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
(2) An appraisal award has been made.

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

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