Millrise condo Complex on Fire

[yads]

Originally Posted by Regulator75

Cause was deemed an accident? How about ignorance and stupidity?

Edit: People get charged for lighting forest fires and brush fires accidentally. Where no humans were displaced, property destroyed and pets weren't killed...

I don't get it.

Doesn't that only happen if there are fire bans at the time?

[macker]

Originally Posted by HammeR_

Even if all the people effected by this fire and their insurance companies go after this guy, whats to say they will ever recoup costs? It he doesnt have a liability policy... wouldnt he just declare bankruptcy and never have to pay anyone back? I am not sure if this is what would happen....but likely he could be deemed responsible for millions of dollars by a court, but if the guys has no money, no one gets paid?

First thing the insurance companies will do is determine if there is a chance for subrogation. They need to prove negligence and investigate to prove the cause and see if they can find him legally liable. They will look at the individual and their financial standing etc. If he has a policy with 1M legal liability they will surely go after him. In this case there will be lots of people going after him and the unit owners will also go after him and they have up to 2 years to start a legal action against him. If they get a judgement against him they can garnishee his wages. Also once you have a judgement against you your credit rating is worthless. The great thing about having a small condo insurance policy for say 1M liability is that in addition to the 1M liability the insurance company pays to defend you if you are ever sued and this is in addition to the liability. Also the additional living expenses coverage will be paying out here to cover the cost of living elsewhere while they rebuild the condos which will likely take up to a year. Legal fees are a major cost to insurance companies and help determine if they will pursue action or not. They aren't going to pay $100,000 in legal fees to get back $50,000. In this case we are talking about millions so you can bet the insurance companies and unit holders involved are going after this guy.....

[amorak]

Originally Posted by macker

First thing the insurance companies will do is determine if there is a chance for subrogation. They need to prove negligence and investigate to prove the cause and see if they can find him legally liable. They will look at the individual and their financial standing etc. If he has a policy with 1M legal liability they will surely go after him. In this case there will be lots of people going after him and the unit owners will also go after him and they have up to 2 years to start a legal action against him. If they get a judgement against him they can garnishee his wages. Also once you have a judgement against you your credit rating is worthless. The great thing about having a small condo insurance policy for say 1M liability is that in addition to the 1M liability the insurance company pays to defend you if you are ever sued and this is in addition to the liability. Also the additional living expenses coverage will be paying out here to cover the cost of living elsewhere while they rebuild the condos which will likely take up to a year. Legal fees are a major cost to insurance companies and help determine if they will pursue action or not. They aren't going to pay $100,000 in legal fees to get back $50,000. In this case we are talking about millions so you can bet the insurance companies and unit holders involved are going after this guy.....

So... you're saying I should nix all my liability insurance and the millions in my umbrella but keep my content insurance, so if I burn the place down, the insurance company won't come after me?

I think I agree!

[macker]

Originally Posted by amorak

So... you're saying I should nix all my liability insurance and the millions in my umbrella but keep my content insurance, so if I burn the place down, the insurance company won't come after me?

I think I agree!

Your umbrella/liability will keep you more popular with your fellow unit holders and easier to subrogate against for the insurance companies Keep it and you can smoke carefree! World wide....

[HammeR_]

So there is still no guarantee that people will ever see any money even if this person is found legally liable? I mean it would be nice to have a court award each person X amount but still if he has no money your kinda pooched!

[gildo]

Originally Posted by HammeR_

Even if all the people effected by this fire and their insurance companies go after this guy, whats to say they will ever recoup costs? It he doesnt have a liability policy... wouldnt he just declare bankruptcy and never have to pay anyone back? I am not sure if this is what would happen....but likely he could be deemed responsible for millions of dollars by a court, but if the guys has no money, no one gets paid?

Well buddy better dust off his/ her resume and start working around the clock to pay people back for their stupidity, I know the 7-11 down the street from me is always looking for overnight staff. They may not be able to pay much back but an effort should atleast be put in, I think this person should have to pay a mandatory monthly amount of money (kind of like you would with child support). Just saying something like "I have no money" or going bankrupt is letting this person off to easy. I think them having to pay for example a $1000 a month for 10 years would be good punishment. I think the legal system needs to start hitting people where it hurts the most and that's the pocket book.

[BlackArcher101]

Originally Posted by HammeR_

So there is still no guarantee that people will ever see any money even if this person is found legally liable? I mean it would be nice to have a court award each person X amount but still if he has no money your kinda pooched!

Wouldn't they see money from their own insurance still? Wouldn't this just limit the ability of the insurance companies recouping some of those payouts by suing him/his policy?

Of course then there's the people without insurance, who will still have to attempt at suing him, but I'm not sure if that's doable in this case.

[4X4]

While I feel bad for the people that lost stuff, my sympathy is limited. IMO, you're just not a very wise person if you don't have renters insurance. It's so cheap that there's just no reason not to have it. I assume those that own had mortgage insurance.

[amorak]

Originally Posted by 4X4

While I feel bad for the people that lost stuff, my sympathy is limited. IMO, you're just not a very wise person if you don't have renters insurance. It's so cheap that there's just no reason not to have it. I assume those that own had mortgage insurance.

Is that different from the normal content / laiblities / fire insurance policies?

[mykalberta]

Originally Posted by amorak

Is that different from the normal content / laiblities / fire insurance policies?

You normally have to get that with your mortgage through your bank. I have that with 1M insurance.

[Ducay]

Originally Posted by amorak

Is that different from the normal content / liablities / fire insurance policies?

Most, if not, all mortgages are going to require insurance be held on the property in case of something like this. Banks aren't going to let their collateral go bye-bye.

edit: If I remember, mortgage agreements generally have a whole section for condos to ensure the condo board and you are carrying proper insurance (specifically fire IIRC)

[MacDaddy77]

I really dont understan the hate on here!

Sure what the person did was extremly stupid but how many people have smoked on a balcony and just put their butt in a can or have thrown a butt out of the window when driving.

I feel bad (not as bad as I do for the other occupants) for the person who ACCIDENTALLY started the fire since they have lost everything as well.

[chemgear]

Originally Posted by MacDaddy77

I really dont understan the hate on here!

Sure what the person did was extremly stupid but how many people have smoked on a balcony and just put their butt in a can or have thrown a butt out of the window when driving.

I feel bad (not as bad as I do for the other occupants) for the person who ACCIDENTALLY started the fire since they have lost everything as well.

[MacDaddy77]

What????

You are dismayed that I am able to show compassion for someone who by accident caused themselves and thier neighbors to lose eveerything they have???

I can't imaging the person/persons responsible are exactly happy about what happened

[Huntingwhale]

I see dozens of people every single day flick their cigarette butts on the road, grass, sidewalks, etc. Pretty much wherever they can. Some jerk face flicked his butt out his car window last night and it hit my hood and rolled up my front windshield and if l would have had my sun roof open, might very well have landed in my car. Heck l'll bet that there are (*gasp*) some poster in this thread who do/will continue to do that. Whoever did this was one of the very UNLUCKY persons who's butt just happened to catch onto a flammable substance.

[amorak]

Originally Posted by Ducay

Most, if not, all mortgages are going to require insurance be held on the property in case of something like this. Banks aren't going to let their collateral go bye-bye.

edit: If I remember, mortgage agreements generally have a whole section for condos to ensure the condo board and you are carrying proper insurance (specifically fire IIRC)

I know that, I was discussing a different type of policy. See, if a condo burns down and they decide to rebuild, you are still repsonbile for your mortgage payments, which is a big deal seeing as how it would take 1-2 years to rebuild.
I was asking if there is a special insurance that covers the payments while the condo is rebuilt.

[Ducay]

Originally Posted by amorak

I know that, I was discussing a different type of policy. See, if a condo burns down and they decide to rebuild, you are still repsonbile for your mortgage payments, which is a big deal seeing as how it would take 1-2 years to rebuild.
I was asking if there is a special insurance that covers the payments while the condo is rebuilt.

Ahhh gotcha, that would indeed be a nice piece of coverage to have, but it doesn't seem like something most basic policies would cover.

Plus, Im sure that's something the bank isn't going to require for a mortgage. Why do they care if you're out of a home for a year or so? As long as they're getting paid and the building is being rebuilt, alls well for them.

[FlamesKickAss]

Additional living expenses would cover some of that. It's 50% of your contents, home policies have that too. Also referred to as Section D coverage.

[Regulator75]

Originally Posted by MacDaddy77

What????

You are dismayed that I am able to show compassion for someone who by accident caused themselves and thier neighbors to lose eveerything they have???

I can't imaging the person/persons responsible are exactly happy about what happened

I assume you smoke?

[MacDaddy77]

Originally Posted by Regulator75

I assume you smoke?

No, but what does that have to do with anything?