Superstorm Sandy — High-Rise Construction
After Superstorm Sandy, a leading real estate company faced builders risk claims on three new high-rise towers under construction in Lower Manhattan.
The professionals of RT Forensic Accountants were engaged to support the claims and help the company keep the projects moving through the recovery.
- Industry
- Commercial real estate development
- Peril
- Superstorm Sandy
- Coverage
- Builders risk
- Result
- Resolved in less than a year, with no project delay
The Loss
The company’s challenge was to keep three projects on schedule and avoid a massive delay, while working inside a widespread catastrophe zone where labor, materials and other resources were scarce.
The Process
We implemented our managed claims process and helped the company obtain regular cash payments from insurers, keeping it cash flow positive. That let the company pay its general contractors and subcontractors and keep labor and materials on site and productive.
The Results
The claim was resolved in less than one year, and the company did not experience a delay on any of the projects.