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Great American Insurance Claim Letter 836-771962 - 2024-05-08 - 9902 Garfield Ave, Cleveland, OH 44108 - 9902 Garfield Ave, Cleveland, OH, 44108.pdf

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Financial Institution Services Division Great American Insurance Tower 301 East Fourth Street, Suite 25-S Cincinnati, Ohio 45202 May 8, 2024 Lofty Holding 9902 Garfield Avenue 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 ** 836-771962 Lofty Holding 9902 Garfield Avenue DAO LLC E927023 9902 Garfield Ave, Clevelan

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

May 8, 2024
Lofty Holding 9902 Garfield Avenue 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 **

836-771962
Lofty Holding 9902
Garfield Avenue DAO LLC
E927023
9902 Garfield Ave,
Cleveland, OH 44108
March 4, 2024
$170,240.00
RCV: $6,900.00
ACV: $4,465.17
$2,500.00
$1,965.17

Hello:
Great American E&S Insurance Company (“Great American”) insures Lofty Holding 9902 Garfield
Avenue 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 was working on make ready services on the property and the vendor
reported that the hot water tank and furnace were stolen at the property.”
Clifford Lesane with Cross Country Adjusting was assigned to inspect the property and completed his
inspection of the property on April 26, 2024. His inspection found that the water heater and the furnace
are both missing.
We received an estimate from Ramos Handyman Service in the amount of $12,275.00. We have reviewed
this estimate and approved the estimate for the furnace, hot water heater, garage door, and basement
window. However, we have not approved the rest of the estimate as the damage is unrelated to the loss
and is a result of wear and tear, which is not a covered cause of loss under the policy.
The Replacement Cost of the damage as outlined in the attached estimate totals $6,900.00. The Actual
Cash Value of the damage as outlined in the attached estimate totals $4,465.17.
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

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

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Lofty Holding 9902 Garfield Avenue DAO LLC
836-771962
May 8, 2024

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.
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.

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

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