Timmons Consulting Group Inspections Lead to a Claims Boost of Over a Million Dollars
Business Challenge
The Woodstock Apartment Complex in Fort Worth, TX suffered damage in October 2010 due to a violent storm that moved through the area. The building had work done prior to this storm. Initially, the building’s owners and insurance company were considering using the same contractor to take care of these repairs.
The insurance adjuster that evaluated the claim originally estimated there were $200,000 in repairs that needed to be done. The owners were skeptical that the amount could cover the damage and became hesitant in using the same contractor for these new repairs, so they called on Timmons Consulting Group to take another look and make sure they were getting the money and quality of work they deserved.
Solution
When we were brought on board, we looked at the claim and did our own inspection of the damages. After our investigation and analysis, we determined the previous repairs that were done were substandard, and that made the impact of the new damage even worse. We knew that the owners of the Woodstock Apartments would need more money and a competent contractor to handle the extensive repairs we found. Our team went to work to ensure both tasks were taken care of with speed and care.
Results
The initial estimate from the insurance adjuster was $200,000. Through our multiple inspections, vendor meetings, thorough review of the client’s insurance policy and further negotiations, we brought the total claim amount up to $1,248,000 to handle the extensive repairs that were needed.
The insurance company’s initial estimate was $200,000.
We brought that total up to $1,248,000 for our client which enabled them to properly restore the structure to a sound pre-loss condition.
Due Diligence Gets $1 Million in Cash for Timmons Consulting Group Client
Business Challenge
The Rio Bonito Apartment Complex in Houston, TX suffered damage due to Hurricane Ike. The management company for the bank-owned property, American Capital, surveyed the damage and didn’t think there was enough to cover their deductible. American Capital had two choices: Use all $3 million of its allocated renovation program fund to take care of these unexpected repairs or file a claim and see what the group could receive.
American Capital’s initial instinct was to go ahead and use the entire $3 million and not worry about filing a claim. Our firm was contracted to see if there was anything to gain by filing a claim.
Solution
Once our team inspected the property damage and figured out what was needed to make sure the Rio Bonito Apartments were rebuilt to their pre-storm condition, we determined there was enough for American Capital to file a claim with their insurance company.
Results
Using our findings, Timmons Consulting Group negotiated a settlement that covered the policy deductible and netted American Capital $1 million cash to put towards repairs. This cash settlement allowed American Capital to spend only $2 million out of their renovation fund. American Capital went from no cash to a million by simply agreeing to an inspection and public adjustment work by Timmons Consulting Group, a result for which American Capital was grateful.
