Untangling the Red Tape of Competing Insurance Claims

摘要

When a fire swept through the Bakersfield Inn in Bakersfield, Calif., owner William Reichert called restoration professional Peter Kossian to remove the debris, perform demolition, and clean the properly. Kossian gave Reichert an estimate of $18,900; he approved the estimate and they signed a contract. What Kossian didn't know was that Reichert was behind on his mortgage. Four days after the contract was signed, Reichert's mortgage holder filed a notice of default.