Insurance Settlement Notice

 

As you have all heard that on Thursday, March 13, 2025, there was a mediation meeting with Merlin Law Group, Heritage Insurance, 1st Choice Management and the Board of Directors.  A verbal agreement was made at this meeting to settle the insurance claim from hurricane Ian. 

 

On March 14, 2025, the entire board of directors and the employees of 1st Choice Management had to sign a confidential agreement to not disclose the settlement amount because if we do, the insurance company can come back on us to request all monies returned to them.

 

On April 4, 2025, we received a written full and final release settlement agreement and a final closing statement from Merlin Law Group which was negotiated and signed.

 

On April 18, 2025 we received a email from Merlin Law Group stating they had received the settlement check from Heritage Insurance and it has been deposited into their bank account and when it clears the bank they will deducted the amount owned to them and then overnight a check to Triton for the balance owned them for the loan  and a check  for the remaining balance will be sent to Lakeside of Charlotte County Condominium Association. 

 

On April 25, 2025, 1st Choice Management received and deposited a check from the Heritage insurance settlement. After paying the lawyer and Triton loan agreement the balance to Lakeside of Charlotte County Condo Association was deposited into the Reserves.

 

Due to final negotiations with Triton, please note the special assessment which was passed by the Board of Directors is still in effect and is to be paid quarterly until the next board meeting for discussion.