Our firm was retained to review the economic damages claimed in relation to a construction claim on a major hotel and condominium. The project was delayed for several months as a result of flood damage just as the property was nearing completion. The contractors were required to replace work that had been damaged and then continue to work in difficult site conditions for the remainder of the project. The flood had a major impact on the elevators which significantly impacted site conditions for the remainder of the project.
Our role included assessing the loss of profits claims, extra expenses, delay claims, and hard and soft cost claims. We were required to analyze the construction project in detail as well as the contracts governing the parties involved, interview various contractors to obtain and review documentation to assess claims for increased costs and lost profits, and understand the impact the incident had on the ability of the insured to complete the project. Our assessment meant we were able to assist the parties in resolving the matter prior to the commencement of litigation.