← 7542 and 7656 S Colfax Ave, Chicago, IL 60649 · All properties

Insurance - 7542 & 7656 S Colfax Ave, Chicago, IL 60649 - 7542 and 7656 S Colfax Ave, Chicago, IL 60649.pdf

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

Financial Institution Services Division Great American Insurance Tower 301 East Fourth Street, Suite 25-S Cincinnati, Ohio 45202 December 16, 2025 Lofty Holding 7542 & 7656 S Colfax Avenue DAO LLC Attn: Earl Co 66W Flagler St #900 Miami, FL 33130 RE: **via email** **ecosystemspm@gmail.com** Claim Number: Insured: Policy Number: Property Address: Date of Discovery: Amount of Insurance: Damage: RCV: ACV: Deductible: Payment: 836-800529 Lofty Holdings 7542 & 7656 E927023 7656 S Colfax Ave, Chicago,

Text Preview

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

December 16, 2025
Lofty Holding 7542 & 7656
S Colfax Avenue DAO LLC
Attn: Earl Co
66W Flagler St #900
Miami, FL 33130
RE:

**via email**
**ecosystemspm@gmail.com**

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

836-800529
Lofty Holdings 7542 & 7656
E927023
7656 S Colfax Ave, Chicago, IL 60649
July 25, 2025
$517,860.00
$301,785.29
$278,215.647
$2,500.00
$275,714.75

Dear Earl Co:
Introduction:
Great American E&S Insurance Company (“Great American”) is writing to notify you of the status of the
reported theft, vandalism, and water damage claim at the above-noted loss location.
Policy Information:
Great American E&S Insurance Company (“Great American”) insures Lofty Holdings 7542 & 7656
under Policy E927023 with a policy effective date of July 24, 2025, effective until August 24, 2025.
Great American urges you to review the Policy in its entirety so that you will be fully familiar with all of
its terms, conditions, limitations, exclusions, and endorsements. We quote specific portions of the Policy
and have provided an addendum of potentially pertinent policy language to bring them to your attention.
The quotation, and addendum, of particular provisions is not a waiver of Great American’s right to rely
on any applicable provision of the Policy.
Facts of Claim:
Mike Ohlman with Alacrity Solutions completed an inspection of the property on November 11, 2025,
and confirmed theft, vandalism and ensuing water damage to the property as outlined in the attached
estimate.

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

Classified as General

Page 1 of 7

Lofty Holding 7542 & 7656
836-800529
December 16, 2025

Analysis:
The Replacement Cost of the covered damage as outlined in the attached estimate totals $301,785.29. The
Actual Cash Value totals $278,215.64.
Therefore, we are issuing a payment in the amount of $275,714.75, which represents the Actual Cash
Value $278,214.75 less the $2,500.00 deductible.
As noted below, the Policy allows Lofty Holdings 7542 & 7656 to request the difference between the
Replacement Cost Value and the Actual Cash Value of the damage if and when the repair or replacement
of the damaged property is actually completed. If Lofty Holdings 7542 & 7656 wants to make a claim on
a Replacement Cost basis, the Policy requires you to repair or replace the damaged property within 180
days from the date of loss, or by January 21, 2026. Upon receipt of photographs of the completed
repairs and copies of receipts or invoices for materials and labor, we will issue a supplemental payment
for the damage in an amount not to exceed $15,310.90 which represents the Replacement Cost
difference. However, this supplemental payment will not be made if the actual Replacement Cost for the
repairs to damage does not exceed $278,214.75.
Please note the floor, ac unit, appliance operations are settled at Actual Cash Value. Therefore, the
depreciation applied to the floor, ac unit, and appliance operations totaling $8,258.72 is non-recoverable.
Conclusion:
Please note failure to mitigate the damage and promptly repair the damage will jeopardize coverage for
any future covered losses that may result from this occurrence.
No actions taken by Great American in the investigation of this matter shall be construed as a waiver of
any of the rights that may be available to it, including the right to deny or limit coverage. In addition, this
letter should in no way be construed as a waiver or estoppel of any coverage position afforded by
applicable law or the policy. If you have any information, whether or not requested herein, which may be
pertinent to our investigation, we ask that you forward it to us immediately for our review and
consideration.
If you have specific questions or concerns regarding this correspondence, please contact me at 513-3336583 or via e-mail at dmhughes@gaig.com.

Sincerely,
Danielle Hughes
Claim Specialist
License# P010420 (Company Adjuster)
Cc:

Agent

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

Classified as General

Page 2 of 7