Insurance Update 5/13/22

Vice President Vickie Napora is our point person for our insurance claim. She has worked 43 years as an insurance underwriter, product development specialist and underwriting manager and is well qualified to be our point person! We are very grateful for her expertise.

The Fire Marshall is still investigating the cause of the fire, and the insurance claim has been filed. Both investigations are still ongoing. Some items are at a lab for forensic review, unknown at this time how long that could take. This is standard procedure to determine the origin of the fire. Debris removal is on hold for now pending future talks with the insurance company.

The good news is we have great coverage thanks to our agent at Hawkes. Our replacement value is $807,047, and every quarter it increases by 4% to keep up with the cost of inflation. The policy states you can replace a building that is functionality equivalent to the lost structure. The rebuild amount will be the total limit of coverage, $807,047.

We have an extension endorsement which provides extra limits from the basic policy form. These extra limits are part of, not in addition to the total limit of insurance. The policy extension does provide some, (excess policy limits) however, the total excess limit is not what will be paid, only the true cost to repair, and replace.

Paige Stockley, Secretary
Holly Community Club Board Member

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