FORT LAUDERDALE, FL – August 18, 2014 – After six years of litigation, Palm Beach County Circuit Judge Jack Cox recently entered judgment in favor of GrayRobinson client the Florida Insurance Guaranty Association ("FIGA").
The Plaintiff, a condominium association, filed a claim with its insurer after it sustained damages from Hurricane Wilma. That insurer was declared insolvent and FIGA assumed responsibility for covered claims. Prior to the lawsuit, FIGA paid the condominium association $4,891,005.71 above what the insolvent insurer had been paid.
FIGA’s first payment, in the amount of $3,375,526.69, equaled the amount of damage included within an estimate prepared and submitted to FIGA. After that payment, the condominium association demanded appraisal. Both parties selected an independent appraiser and the two appraisers selected an umpire. On March 27, 2008, an appraisal award was signed, providing a new money award due to the condominium association in the amount of $1,715,479.50. Approximately one month later, FIGA issued and delivered a check to the condominium association in the amount of $1,715,479.50
Undaunted by the fact that it had received over $5 million in payments, the condominium association filed its lawsuit and sought an additional $5 million. After taking extensive discovery, FIGA moved for summary judgment and argued that the issue of the amount of liability had been conclusively resolved by the appraisal process. The Court agreed with FIGA that no additional money was due and stated that the "Court finds that the contractually agreed to appraisal process has been completed and that the disputed issue has been resolved by appraisal and payment." Therefore, FIGA’s motion for summary judgment was granted and judgment was entered in favor of FIGA.
FIGA was represented by GrayRobinson attorneys Philip E. Ward, Jeffrey T. Kuntz, and Evan D. Appell.