North Miami Condo Wins Insurance Suit

$20 Million Verdict Against Aussie Insurer Over Wilma Damage

Do you remember Hurricane Wilma? It's a distant, bad memory for many South Floridians but a lingering, costly one for some North Miami Beach residents and the Australian insurer that denied the HOA claim for $5 million in damages in the wake of Hurricane Wilma. The insurer, QBE, originally blamed the damage on the residents for "poor maintenance" and refused to pay the claim. Now a jury has awarded the HOA over $20 million for the structural damage which resulted in the two-building condo complex being condemned by Miami-Dade officials. The HOA's attorney declared victory for the "more than 1,500 residents of the two 17-story towers are middle-class, many senior citizens who don't have a war chest to take on a larger insurer." Much like the Florida real estate prices, shares of QBE are down sharply from their all-time highs of 2007.