The land where Mariners Cove once is for sale now that insurance payments can be made to individual owners instead of the strata.
After many months of hardship and uncertainty following the devastation of Mariners Cove in Hurricane Ivan, negotiating with the insurance companies and dealing with complex strata issues, the owners of Mariners Cove saw a happy ending shortly after the Easter holiday.
The vast majority of owners did not wish to rebuild and instead wanted the insurance proceeds to be paid to them directly so they could get on with their lives. Unfortunately, the strata rules prevented this from happening.
Strata rules required the insurance proceeds to be used to reinstate the property after its destruction and this provision could only be changed by unanimous consent of all the owners.
Many of the owners have been displaced around the globe and gaining consent of all 42 owners of the property seemed unlikely.
On Tuesday, 29 March, Anthony Akiwumi, senior litigation counsel of the firm Stuarts, Walker Hersant, attorneys-at-law, acting for the executive committee of Mariners Cove, obtained directions from the Grand Court of the Cayman Islands to amend the strata rules, thereby allowing the individual owners to receive insurance payments and enabling the residents of Mariners Cove to put some closure to the events of 12 September, 2004.
In addition to winning the case for the distribution of the insurance settlement, Chris Humphries also of Stuarts, Walker Hersant also succeeded in gaining an almost complete recovery of the insured amount for the property. This was reached with the handling of the claim by Axis Loss Adjusters and Balderamos who act as agents for N.E.M.(W.I.) Ins. Ltd.
Stuarts, Walker Hersant has specialised in insurance since Chris Humphries joined the firm in January 2004 from Kendall Freeman (formerly DJ Freeman) a specialist insurance practice in the city of London, England.
The executive committee of Mariners Cove is now looking for a suitable purchaser of the land.
Coastal Realty Ltd., which has been praised for its management of the strata issues post Ivan will be handling any enquiries on the sale and can be reached at 916-0951