Fire at Hunters IGA in Wolfeboro?

[LIforrelaxin]

Originally Posted by TiltonBB

This is private property. There is no need for it to be "put out to bid". The owners could already be working with architects and contractors for a rebuild design. They may have already selected a favorite builder/contractor who they wish to use to construct the new building.

If they where just going to rebuild and not be concerned about insurance I would agree.... However the insurance company isn't going to just open there check book and say what ever it takes. It is in the best interested of everyone involved to go through a bidding process. There will also likely be a private insurance adjuster involved to help get the greatest recovery from the insurance company.

[TiltonBB]

Originally Posted by LIforrelaxin

If they where just going to rebuild and not be concerned about insurance I would agree.... However the insurance company isn't going to just open there check book and say what ever it takes. It is in the best interested of everyone involved to go through a bidding process. There will also likely be a private insurance adjuster involved to help get the greatest recovery from the insurance company.

The insurance company covers and will pay for their loss, not the new construction. The new building may have no resemblance to the building that burned and the insurance company will not be involved in the construction. They have no say in what the owners choose to build.

The owners can build whatever they want and it will be built to today's building codes and will probably be a much more expensive building than what was there. They may have "replacement value" insurance but that is usually calculated by the square foot of the property lost. Once the insurance company writes the check for the loss they are no longer involved.

[LIforrelaxin]

Originally Posted by TiltonBB

The insurance company covers and will pay for their loss, not the new construction. The new building may have no resemblance to the building that burned and the insurance company will not be involved in the construction. They have no say in what the owners choose to build.

The owners can build whatever they want and it will be built to today's building codes and will probably be a much more expensive building than what was there. They may have "replacement value" insurance but that is usually calculated by the square foot of the property lost. Once the insurance company writes the check for the loss they are no longer involved.

Well yes what you state is true..... the devil is in the details, and truly depends on how the building owner wants to proceed... You are right the building may not look like the old one... but that doesn't mean the insurance company settles based on square footage alone... Part of a good insurance policy for commercial restate is going to include code and ordinance insurance. The need to understand what upgrades that are needed, that can then be covered through that takes time can keeps the insurance company involved.

Believe me what used to be easy and straight forward is no longer. The insurance industry has created so many caveats and special insurance items, that it make recovering from a catastrophic lose very time consuming. The complexity of it all, comes back to what coverage's the insured implemented, which unless we get the details from the building owner, is simply a guessing game at this point.