NJ Apartment Fire

AAG was retained by Prestige Properties in July 2021 following a fire that decimated a 4-story, 48-unit apartment building in Carteret, NJ. We conducted a thorough policy review to identify coverages, rights, and obligations, aiming to immediately pinpoint opportunities.

Coordinated with city officials to address public safety requirements and supported ownership with emergency response measures, including:

Board-up
Shoring
Fencing
Environmental testing and
Demolition

Performed joint inspections with the carrier’s representative to establish an agreed-upon scope of damages and prepared a comprehensive building estimate for submission to the carrier.

Facilitated conversations with the owner's architect and engineer in preparation of a Law & Ordinance claim addressing code upgrades required in the reconstruction.

Retained a forensic accountant to perform a comprehensive review of the insured's financial records to accurately support a claim for rental income losses, including for the extended period of indemnity during the lease-up and re-occupancy period.

Secured an optimized settlement for the policyholder.