Olympus: the denial record

Insurer acknowledged the loss, assigned a claim number, inspected the property, accepted coverage for the loss, invoked the repair option, selected Insurer's Contractor, who further damaged the property, and, now, Insurer refuses to restore the Property to its pre-loss condition.

Whereas, the carrier furnished a wrongful estimate and, having withheld the deductible, offered a deficient payment in the amount of $14,489.84 only, leaving a remainder in the amount of $246,225.69 to be paid in order to cure the breach, less any applicable policy deductible.

After assessing the damage and the true scope of repairs, the public adjuster prepared an estimate identifying $200,009.32 in covered damage to the dwelling and $6,834.[address redacted]ructures.

An inspection was conducted and GEC's estimate dated May 9, 2024 of the damages shows that there is $189,148.87 (ACV) in covered damages to the Insured Property.

Specifically, the Insured, with assistance from their public adjuster, submitted an estimate for $145,109.57, which was a fair and reasonable assessment for the repair/replacement of damages.

The insured's representative determined there were damages and repairs necessary to restore the property to its pre-loss condition and submitted claim-related documentation to OLYMPUS INSURANCE COMPANY, including a detailed estimate for repairs for $70,582.02.

After assessing the damages, the Public Adjuster produced a photo sheet and an estimate, totaling $46,403.30.

THE INSUREDS RETAINED THEIR OWN PROFESSIONALS, WHO DOCUMENTED THE LOSS, PHOTOGRAPHED, AND PREPARED A DETAILED ESTIMATE THAT AMOUNT TO $35,538.06 TO RESTORE THE DAMAGE AND RETURN THE INSURED PROPERTY TO ITS PRELOSS CONDITION.

Buro's inspection, Olympus opened coverage and issued payment to the Insureds on or around January 2, 2023, for $28,236.65 for Coverage A and $1,424.55 for Coverage B after the $8,559.00 policy deductible (hereinafter "First Coverage Letter").

As a result of the insurance company's conduct, the Insureds have suffered financial hardship as they have had to spend over $18,000.00 of their own money on the repairs that the Insurance Company should have paid for.

Once it was determined that coverage was afforded, Olympus invoked its right to repair and before the worked even commenced began insisting that the insured's $5,000.00 deductible be paid.

The letter from OLYMPUS also states that the roof and screen damage are covered, and it advises that OLYMPUS will be sending a payment of $800, after the application of the $1000 deductible.

THE INSURANCE COMPANY FAILED TO PERFORM A PROPER INVESTIGATION AND EVALUATION OF THE CLAIM AND THEREFORE, IMPROPERLY UNDER ESTIMATE FOR PLAINTIFF'S LOSS AND DAMAGES.

Olympus Insurance Company has been provided with a Contract for completed Services in the amount of $49,500 from RRCA Roofing and Reconstruction and its subcontractor United Solutions of Central FL LLC for $7,200.00.

The Insurer created an estimate, but the Insurer undervalued and denied parts of the claim.

When roofing system was compromised by the subject loss event and failed, the roof ceased to function as designed and required. 30.

However, when the Insurer conducted its inspection of the insured property, the Insurer's adjuster failed to conduct a thorough and adequate investigation, or the adjuster intentionally ignored the damage observed and failed to make truthful and unbiased reports of the facts after investigating.

Now more than two weeks have passed since the taking of these EUOs (albeit unnecessarily, and far-reaching beyond the policy language) and the insurance company continues to delay and refuse to provide a coverage determination.

In the instant matter, the DFS Mediation pamphlet has not been provided to or on behalf of the Insureds as of the date that this CRN is filed.

Olympus has not shown a good faith intention to pay what was owed but rather has denied the claim and hid the individual who inspected the property for financial gain and profit.