Final Insurance Payment Denied
The final insurance payment of $220,000 owed as part of the 2017-2018 roof hail damage settlement was not earned and will not be paid by the insurer.
The Peleus Insurance Company (now named Argo) reviewed the final contractor invoices in October of 2020 and concluded that the amount spent by Association for the for the hail damage work listed in the settlement was less than their initial payment of $1,998,013 to the Association. The insurer took the position that no further money is owed.
The original settlement of $2,218,013 was to replace the metal roof with another metal roof and other hail related damages.
The Association's elected to purchase a different roof and spend money more broadly on deferred maintenance not covered by the settlement (i.e, concrete roadway, drainage, lighting, etc.).
Andrew Slania Esq., the attorney who represented the Association in this settlement, helped the board explore ways to collect the $220,000 in March 2020. Ultimately, there was no path to sue (or threaten to sue) Argo for breach of settlement. Waging such a case had a high likelihood of being lost with the Association paying Argo's attorneys fees.
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