Day 42, in the event of this catastrophe fire loss.... 2010-

[jy101]

Day 42, in the event of this catastrophe fire loss.... 2010-07-27 13:37:44


of this fire incident, there are actually 3 separate claims, lost of business income, structure lost, and liability claim.

as of right now, insurance is paying the claim on business income, base on avg of last 18 month profit and lost statement.

when we can reach a settlement number on the structure claim, if ever, haha, the check will come in the form of both mortgagee and mortgagor's name, so, the bank must release the money before we can even start the rebuild.

today, the city issued the rebuild permit to us, both my architect and the city building departments been working closely together on it.

since most the smoke damage is upstair floor, the building department is going to allow us spot check the lower floor, instead of completely gutting the walls, we going to cut 3 fts up from the floor along the outside wall, for them to check if any water damage and/or mold exist inside these walls, if everything ok, we maybe able to save 80% of the lower level.

plus if we don't need to gut all the downstair drywall, city is not going to require a complete rewire lower level, since they already grounded circuits.

everything is going smooth, bids are coming in from my sub-contractors, many bids come in under my original estimate, because some of these contractors been with me over 10 years, basically they doing us a huge favor, since this is my complex.

as of now, I estimate we going to have a surplus bit over 100k, up from previously estimate of 65k...