(USA Herald) – A recent lawsuit filed by Miami-based real estate investment company, Eagle Property Capital Investments LLC, alleges that American Risk Insurance Co. Inc. (ARIC) owes between $3.5 million and $9 million for their “haphazard and unreasonable” handling of a claim for damages caused by the February 2021 Texas winter storm. The company, which owns thirteen apartment complexes throughout Texas, is accusing ARIC of breach of contract and violations of the state’s insurance laws for not fully covering damage to and mitigation work on the properties.
EPC is seeking the full unpaid amount of its claim, as well as additional damages for bad-faith practices. The company claims that ARIC has only paid roughly $3.8 million of just under $5 million in invoices for EPC’s mitigation contractors, and only $5.26 million toward the company’s claim, which is worth about $2.5 million more by the insurer’s own adjuster’s estimate and more than $8 million less than EPC’s estimated actual cost value of repairs.
