B Surfside Collapse Settlement Breakdown Revealed

$1B Surfside Collapse Settlement Breakdown Revealed

The site of the Champlain Towers South collapse at 8777 Collins Avenue in Surfside, FL. with the settlement agreement (Circuit Court for Miami-Dade County, Loopnet)

The $1 billion-plus Surfside collapse settlement was filed late Friday, revealing more than two dozen contributors to the victims of the tragedy.

The settlement comes nearly a year after the devastating collapse of Champlain Towers South on June 24, which killed 98 people.

The largest sum, $517.5 million, will come from Securitas, the security firm for Champlain Towers South, followed by about $400 million combined from the insurers for the development team of Eighty Seven Park, the condo project next door.

John Moriarty & Associates of Florida, the general contractor for Eighty Seven Park, settled for $157 million, which will be paid through its insurer. The insurance program that provided general and excess liability insurance for Eighty Seven Park’s construction will pay $84 million, according to the settlement.

The insurer for 8701 Collins, the Terra-led entity that developed Eighty Seven Park, will pay $28 million. The insurer for Eighty Seven Park’s condo association will contribute $29 million.

Becker & Poliakoff, the law firm that had advised the Champlain condo association prior to the collapse, will pay $31 million through its insurers.

Not all of the contributors were named in the lawsuit filed over the collapse, including Securitas. The town of Surfside, which was not a defendant, agreed to a $2 million payout from its insurer.

Here is the breakdown of other payments by contributors’ insurers:

• NV5, the Eighty Seven Park geotechnical engineer: $25.7 million
• Western Waterproofing and Western Group: $25 million
• Eighty Seven Park’s architect Stantec’s insurer: $16.5 million
• Morabito, the engineer hired for the Champlain 40-year certification inspection: $16 million
• Bizzi & Partners, a co-developer of Eighty Seven Park: $16 million
• Sammet Pools: $9.8 million
• DeSimone, an Eighty Seven Park consultant: $8.55 million
• Florida Civil, the Eighty Seven Park dewatering contractor: $6.9 million
• Geosonics, the vibration monitoring firm for Eighty Seven Park’s construction: $5 million
• Scott R. Vaughn, PE, LLC, an aquatic civil engineering firm: $4 million
• ASAP Installations, hired to do the sheet pile driving at Eighty Seven Park: $250,000

Stantec will also pay $8.5 million, separate from its insurers’ settlement.

Once approved by the court, the overall settlement will avoid the case going to trial next year. (To view the full proposed settlement, click here.)

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