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Type
Superstructure Construction Site
Culrpit
Hurricane Ida
Payout
$1M (direct damages) $2.2M (delays)
Background:
During the construction of a large-scale superstructure project in Long Island City, Hurricane Ida struck, causing significant damage to the project site. The storm resulted in direct damages to the structure and materials, as well as substantial delays to the project timeline. These delays threatened the project’s budget, schedule, and overall viability, creating a pressing need for a comprehensive recovery solution.
Solution:
The client turned to Elar Adjusters to navigate this complex claim. Our team conducted an exhaustive assessment of the hurricane’s impact, meticulously documenting all direct damages and evaluating the financial implications of project delays and loan interest payments.
We engaged in extensive negotiations with the insurance company and their forensic accountants, ensuring that the full costs associated with the delays were calculated and justified. Our detailed evidence and strategic advocacy focused on recovering both the direct damages and the significant financial impact caused by the prolonged project timeline.
Outcome:
Our efforts resulted in a total settlement of $3.2 million: $1 million to cover direct damages and $2.2 million for delay-related losses. This recovery allowed the project to resume without financial jeopardy and demonstrated the critical importance of thorough claims management and expert negotiations.