3024. Fire. Rebuild. Summary. Status.

4/12/2021
Two revised bids have recently been received. Another revised bid is due in a matter of days. The board is expected to review those bids.
The work had to be rebid because the original bids expired in mid July of last year approximately. The delay is the result of efforts to identify specific items to support a claim for additional expenses to comply with changes in law and ordinance (code upgrade). For each item then there were no calculations required, some of which were complex and difficult. Approximately two months ago the itemized list and estimated cost were submitted to the carrier/insurance company. The delays since then have been in the processing/consideration and evaluation of the items and costs.
The insurance company has recently been downgraded to a C minus. It appears that they will go into receivership which will at least delay the processing of the association’s claim for additional benefits under coverage for law and ordinance upgrade. That claim has been fraught with difficulty and has been protracted. The intent was to pursue that claim to do better financial planning to cover the cost of rebuild.
Because of the financial difficulties of the carrier, it is likely that the board will go forward with plans to contract with a construction company between now and the end of May.
There are many moving parts/issues and a good deal of complexity in the process continuing forward.

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