Tenderloin Neighborhood Development achieves favorable settlement with its insurer
Clients Tenderloin Neighborhood Development Corporation
On a pro bono basis, Jones Day's Insurance Recovery Practice helped client Tenderloin Neighborhood Development Corporation, the leading non-profit provider of affordable housing and services for residents of San Francisco's Tenderloin and central city neighborhoods, achieve a milestone, favorable settlement with its insurer. In April 2011, TNDC's 105 unit Franciscan Towers building suffered a major fire which displaced all residents, and damaged TNDC's administrative offices which were housed in the building. Marty Myers, who has provided pro bono representation to TNDC for decades, helped TNDC recover from its insurers not only the value of the full property damage loss to the Towers, but also for the value of TNDC's "business income" loss of tenant rents and other expenses. The claim was unusually complicated in light of TNDC's mission (to house the poor regardless of "profit"), tenant housing contracts with the City, interests of TNDC's development partners, and other non-profit business income issues. The settlement also will permit TNDC to continue to recover insurance for third party claims which have been asserted against TNDC arising out of the fire.