Usually, thinking twice before making a decision results in the best possible outcome. A Calif. property developer thought twice when it came to finding coverage for a condominium project, however, and now it is costing him.
Bijan Madjlessi, 55, of Strawberry, Calif., had been working on the Belvedere Towers condominium project when a fire occurred on July 29, 2008. Though the blaze was deemed “suspicious,” no arson charges were filed at the time.
When filing claims for the fire, he turned to Travelers Insurance, who covered the north tower, and Fireman's Fund, who covered the whole site. Madjlessi was then paid for damages by both insurers, some of which overlapped.
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