Morgage details loss of property liability insurance due to PRC disputes
Morgage says PRC caused water damage and insisted repairs be claimed against Riverstone's policy. This led to dropped coverage and a deductible increase from $1,000 to $25,000 per incident. Riverstone was without property liability insurance from November 25 through February 26, and later coverage was canceled due to illegal fire panels PRC refused to remove.
Among the issues we've faced, they have caused us to lose our property liability coverage twice.
As a board member, operating without insurance is a very perilous situation.
The first time we lost coverage was because PRC insisted that repairs from water damage they caused
should be claimed against our policy.
And when you start working in a building that hasn't been maintained for many years, leaks are inevitable.
Our coverage with a long-time vendor was dropped because of too many claims.
For two years, PRC carried us under its own policy.
We paid the premium, but our deductible soared from $1,000 per incident to $25,000.
per incident.
PRC refused to continue that arrangement and we were without property liability insurance from November 25 through February 26.
The coverage we obtained then was canceled in May because
Outmoded and illegal fire panels were found in the ceiling.
PRC has refused to remove them, which effectively keeps us from obtaining new coverage.