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<>/CA 0.5/IC[ 0.96078 0.96078 0.23529]/CreationDate(D:20210922095008-04'00')/AP<>/Popup 24 0 R/IT/highlightArea/Contents( 2 \r \n I m p a c t J U N E / J U L Y 2 0 2 1 \r \n L e s s o n s f r o m t h e B u i l d i n g C o l l a p s e i n S u r f s i d e , \r \n F l o r i d a \r \n B y K e n F u i r s t a n d J a s o n S c h i c i a n o , L e v i t t - F u i r s t I n s u r a n c e \r \n T A R R Y T O W N \r \n T h e \r \n p a r t i a l b u i l d i n g c o l l a p s e o f a 1 2 - s t o r y c o n d o m i n i u m b u i l d i n g i n S u r f s i d e , F l a . o n J u n . 2 4 h a s r e s u l t e d i n m a s s i v e p r o p e r t y l o s s , \r \n a n d a n u n t h i n k a b l e n u m b e r o f d e a t h s . \r \n I n t h e d a y s a n d w e e k s a h e a d , t h e c a u s e o f t h i s h o r r i f i c e v e n t w i l l b e c o n f i r m e d . E v e n t u a l l y , t h e t i m e w i l l c o m e t o p u r s u e t h e \r \n r e b u i l d i n g o f t h e b u i l d i n g , a n d t h e f i l i n g o f l a w s u i t s b y f a m i l i e s w h o l o s t l o v e d o n e s . I n s u r a n c e \( o r l a c k t h e r e o f \) w i l l p l a y a c r i t i c a l \r \n r o l e i n t h e p r o c e e d i n g s . \r \n T h i s t r a g e d y i s a f i t t i n g t i m e t o c o n s i d e r t h r e e l e s s o n s c o n c e r n i n g p r o p e r l y w r i t t e n p r o p e r t y a n d l i a b i l i t y i n s u r a n c e . W h i l e t h e S u r f s i d e \r \n b u i l d i n g c o l l a p s e i n v o l v e s a b u i l d i n g o w n e d b y a c o n d o m i n i u m , t h e s e i n s u r a n c e l e s s o n s a p p l y t o a l l t y p e s o f m u l t i - u n i t r e s i d e n t i a l b u i l d i n g s , \r \n a s w e l l a s c o m m e r c i a l b u i l d i n g s . \r \n D o e s I n s u r a n c e C o v e r R e b u i l d i n g A f t e r a C o l l a p s e ? \r \n A p r o p e r l y - w r i t t e n P r o p e r t y i n s u r a n c e p o l i c y w i l l p a y \( p e r p o l i c y t e r m s \) f o r t h e f u l l c o s t t o r e p l a c e t h e p o r t i o n o f a b u i l d i n g , d a m a g e d \r \n f r o m p e r i l s s u c h a s f i r e , t o r n a d o s , s t o r m s , e t c . , t o i t s p r e - d a m a g e d c o n d i t i o n . M o s t b u i l d i n g P r o p e r t y i n s u r a n c e p o l i c i e s a l s o i n c l u d e c o v e r a g e \r \n t o r e - b u i l d t h e b u i l d i n g a f t e r a c o l l a p s e , i n c l u d i n g c o l l a p s e f r o m d e c a y . \r \n H o w e v e r , t h e c o v e r a g e m a y n o t a p p l y i f t h e d e c a y w a s k n o w n b y t h e i n s u r e d p r i o r t o c o l l a p s e . L e s s o n # 1 : i f a l a n d l o r d o r c o n d o / c o - o p \r \n B o a r d s u s p e c t s , o r i s a d v i s e d o f a p o s s i b l e b u i l d i n g s t r u c t u r a l p r o b l e m , t h e c o n c e r n s h o u l d b e a s s e s s e d b y a p r o f e s s i o n a l , a n d a n y r e p a i r \r \n r e c - o m m e n d a t i o n s \r \n s h o u l d b e a d d r e s s e d i n a t i m e l y m a n n e r . F a i l u r e t o a d d r e s s b u i l d i n g s t r u c t u r a l p r o b l e m s c o u l d r e s u l t i n a c o v e r a g e e x c l u s i o n , \r \n a n d a m u l t i - m i l l i o n - d o l l a r u n i n s u r e d r e c o n s t r u c t i o n p r o j e c t . \r \n F o r L e s s o n # 2 , r e g a r d i n g P r o p e r t y i n s u r a n c e , l e t s a s s u m e t h a t a k n o w n d e c a y e x c l u s i o n i s n o t a p p l i c a b l e . T h e S u r f s i d e b u i l d i n g c o l l a p s e \r \n a f f e c t e d o n l y a p o r t i o n o f t h e b u i l d i n g . P a r t o f t h e b u i l d i n g a p p e a r s t o b e u n d a m a g e d . B u t , t h e l o c a l b u i l d i n g d e p a r t m e n t m a y r e q u i r e t h e \r \n u n d a m a g e d p o r t i o n o f t h e b u i l d i n g t o b e d e m o l i s h e d , a n d t h e n w i l l d e f i n i t e l y r e q u i r e t h a t a l l o f t h e n e w c o n s t r u c t i o n b e p e r f o r m e d i n \r \n a c c o r - d a n c e \r \n w i t h c u r r e n t b u i l d i n g c o d e s a n d o r d i n a n c e s . F o r t h i s l i k e l y s c e n a r i o t o b e f u l l y i n s u r e d , t h r e e i m p o r t a n t i n s u r a n c e c o v e r a g e s m u s t b e \r \n p r e s e n t o n t h e p o l i c y w i t h t h e p r o p e r c o v e r a g e l i m i t s : \r \n'&