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Financial Institution Services Division 301 E. 4th Street South 25th Floor Cincinnati, Ohio 45202 877-429-3826 Fax 800-838-4013 November 27, 2023 Lofty Holding 13806 Coit Rd DAO LLC Attn: Kathie Nguyenen 66 W Flagler St, #900 Miami, FL 33130 RE: Claim Number: Insured: Additional Insured: Policy Number: Loss Location: Date of Discovery: Amount of Insurance: Sewer Back-up Limit: Damage: RCV: ACV: Deductible: Payment: **via e-mail only** **pm@lofty.ai** 836-763224 Lofty Holding 13806 Coit Rd DAO LL

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Financial Institution Services Division
301 E. 4th Street
South 25th Floor
Cincinnati, Ohio 45202
877-429-3826
Fax 800-838-4013

November 27, 2023
Lofty Holding 13806 Coit Rd DAO LLC
Attn: Kathie Nguyenen
66 W Flagler St, #900
Miami, FL 33130

RE:

Claim Number:
Insured:
Additional Insured:
Policy Number:
Loss Location:
Date of Discovery:
Amount of Insurance:
Sewer Back-up Limit:
Damage:
RCV:
ACV:
Deductible:
Payment:

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

836-763224
Lofty Holding 13806 Coit Rd DAO LLC
N/A
E927023
13806 Coit Rd, Cleveland, OH 44110
September 25, 2023
$271,700.00
$5,000.00
$11,063.78
$9,452.76
$2,500.00
$5,000.00

Dear Ms. Nguyenen:
Great American E&S Insurance Company (“Great American”) insures Lofty Holding 13806 Coit Rd
DAO LLC, under Policy E927023. A Notice of Insurance was issued effective May 1, 2023, until
January 24, 2024. Our office received notice of the above referenced claim from you on October 31,
2023. The loss report noted: “There was a sewer backup and this caused mold to grow in the basement.
This also lead to the furnace going out so there's no heat at the property.”
Michael Binion with Cross Country Adjusting completed an inspection on November 6, 2023. Mr.
Binion’s inspection noted water damage to the walls and flooring in the basement from a sewer back up.
Enclosed is a copy of Mr. Binion’s estimate and inspection photos.
The Replacement Cost of the covered damage to the dwelling as outlined in the estimate totals
$11,063.78. The Actual Cash Value of the damage totals $9,452.76.
Please note 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.
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

Lofty Holding 13806 Coit Rd DAO LLC
836-763224
November 27, 2023
Page 2

the adjusted amount of loss, and will pay the resulting amount or the Limit of Insurance,
whichever is less.
When the occurrence involves loss to more than one item of Covered Property and separate
Limits of Insurance apply, the losses will not be combined in determining application of the
Deductible. But the Deductible will be applied only once per occurrence.
E. Loss 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 dam-aged 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 pro-vision 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)
(2)

We have reached agreement with you on the amount of loss; or
An appraisal award has been made.