Building Owners Loss Assistance Program Safeguards Properties And Their Owners Through Disaster
When Hurricane Wilma ripped through South Florida causing an estimated reported $16.8 billion in damage, building owners thought they had their share covered with property insurance.
For Paul J. Del Vecchios client, a condominium owner, this was not the case.
Del Vecchio, principal of Paul J. Del Vecchio Construction Consultants, Inc., provided litigation support as a 3 and a half year battle ensued between his client and the insurance provider. The 20-story building experienced substantial storm damage with shattered floor-to-ceiling windows, a thrashed air conditioning system, an obstructed pool and significant interior ruin resulting in multi-million dollar repairs. Disputed claims made by the insurance company had forced Del Vecchios client to finance repair costs until they were resolved in early 2009.
The resulting case led Del Vecchio and his team to design a program founded in protecting property owners when filing insurance claims due to a loss.
Today, the Building Owners Loss Assistance Program (BOLAP) provides consistent documentation of a property to institutional, commercial and multi-family building owners should a fire, flood, hurricane or other associated loss occur. Written reports, video records, and photographs are taken, and each year, changes in the building are noted and stored in a comprehensive archive, made available off-site to building owners and their representing attorneys for a filed claim.
Should a loss occur, Del Vecchio says, An accurate and indisputable picture of the property prior to a loss is already made available. He adds, This expedites the prosecution of an insurance claim, eliminates disputed items and provides an accurate cost to remediate.
The programs initial phase includes a condition assessment where property deficiencies and recommendations to safe-up the building are made, altogether ensuring that the property is and remains at an optimal state.
For Paul J. Del Vecchios client, a condominium owner, this was not the case.
Del Vecchio, principal of Paul J. Del Vecchio Construction Consultants, Inc., provided litigation support as a 3 and a half year battle ensued between his client and the insurance provider. The 20-story building experienced substantial storm damage with shattered floor-to-ceiling windows, a thrashed air conditioning system, an obstructed pool and significant interior ruin resulting in multi-million dollar repairs. Disputed claims made by the insurance company had forced Del Vecchios client to finance repair costs until they were resolved in early 2009.
The resulting case led Del Vecchio and his team to design a program founded in protecting property owners when filing insurance claims due to a loss.
Today, the Building Owners Loss Assistance Program (BOLAP) provides consistent documentation of a property to institutional, commercial and multi-family building owners should a fire, flood, hurricane or other associated loss occur. Written reports, video records, and photographs are taken, and each year, changes in the building are noted and stored in a comprehensive archive, made available off-site to building owners and their representing attorneys for a filed claim.
Should a loss occur, Del Vecchio says, An accurate and indisputable picture of the property prior to a loss is already made available. He adds, This expedites the prosecution of an insurance claim, eliminates disputed items and provides an accurate cost to remediate.
The programs initial phase includes a condition assessment where property deficiencies and recommendations to safe-up the building are made, altogether ensuring that the property is and remains at an optimal state.
