Miami Condo Insurer to Pay Out Its Policy Limit

The general insurance liability insurer for the Champlain Towers South condominium has indicated that it will pay out the entire amount of its policy to cover any claims related to pending litigation and future lawsuits arising from the building’s collapse last week.

The move comes as three residents have filed lawsuits against the condo association for negligence and failure to keep the building in safe condition, according to a report from The Real Deal.

James River Insurance Company, through its attorney Sina Bahadoran, wrote to presiding judge Michael Hanzman of the Miami-Dade Circuit Court about its decision and attached a copy of the condominium’s 2021 policy, stating that the total amount the insurer can pay out is $5 million.