Florida Court Invalidates $187 Million Storm Damage Insurance Award

A $187 million insurance appraisal award for damage to Portofino Towers condos in Pensacola Beach, Fla., during a 2020 hurricane is invalid, a federal court ruled.

“The appraisal award cannot stand because it is undisputed that Portofino’s appointed appraiser, George Keys, did not fulfill his raison d’être: he never stated the ‘amount of loss’ to Portofino’s property caused by Hurricane Sally as required by the applicable insurance policy provisions,” the US District Court for the Northern District of Florida said in a Monday order.

Portofino Towers, which had five condo buildings, submitted a claim to its property insurers following Hurricane ...