Future Property Damage Claims. Future Property Damage Claims are those that are based upon Qualifying Leaks that occur after the Effective Date and during the Claim Period. Such Claims must be submitted to the Settlement Administrator within 150 days after the Qualifying Leak occurs, though the Settlement Administrator may extend this 150-day period for a particular Claimant upon a showing of good cause as determined by the Settlement Administrator. An explanation in a Claim Form under oath reasonably demonstrating that the Claimant was precluded from submitting a Claim Form due to circumstances beyond the Claimant’s control shall constitute good cause. Eligible Claimants with Future Property Damage Claims shall receive up to 70% of their Reasonably Proven Property Damage. In order to ensure that the Net Settlement Fund is not depleted during the Claim Period, the Eligible Claimants shall receive an initial payment of 25%, and at the end of the Claim Period, the Eligible Claimants shall receive a second pro rata payment, which depending on the claim rate and the amount remaining in the Gross Settlement Fund shall make the total payment up to 70% of their Reasonably Proven Property Damage. Co-Lead Class Counsel shall monitor the Net Settlement Fund and if appropriate, may make a recommendation to the Court that the subsequent payment can be accelerated or that another interim payment can be made during the Claim Period, based upon the number of Claims and the amount remaining in the Net Settlement Fund. The Claimant must have taken reasonable steps to mitigate (i.e., limit or stop) the effects of the Qualifying Leak.
Future Property Damage Claims. Future Property Damage Claims are those that are based upon Qualifying Leaks that occur after the Effective Date and during the Claim Period. Such Claims must be submitted to the Settlement Administrator within 100 days after the Qualifying Leak occurs, though the Settlement Administrator may extend this 100-day period for a particular Claimant upon a showing of good cause as determined by the Settlement Administrator. An explanation in a Claim Form under oath reasonably demonstrating that the Claimant was precluded from submitting a Claim Form due to circumstances beyond the Claimant’s control shall constitute good cause. Eligible Claimants with Future Property Damage Claims shall receive up to 75% of their Reasonably Proven Property Damage. The Claimant must have taken reasonable steps to mitigate (i.e., limit or stop) the effects of the Qualifying Leak as determined by the Settlement Administrator, with consultation as necessary with Co-Lead Counsel, and NIBCO. In order to ensure that the Net Settlement Fund is not depleted during the Claim Period, Eligible Claimants shall receive an initial payment of 50%, and at the end of the Claim Period, Eligible Claimants shall receive a second pro rata payment, which depending on the claim rate and the amount remaining in the Net Settlement Fund shall make the total payment up to 75% of their Reasonably Proven Property Damage. Class Counsel shall monitor the Net Settlement Fund and if appropriate, on the one-year anniversary of the Effective Date, may make a recommendation to the Court regarding whether an interim payment can be made during the Claim Period, based upon the number of Claims and the amount remaining in the Net Settlement Fund, provided that in no event shall Eligible Claimants receive more than 75% of their Reasonably Proven Property Damage.
Future Property Damage Claims. Future Property Damage Claims are those that are based upon Qualifying Leaks that occur after the Effective Date and before the end of the Claim Period. Such Claims must be submitted to the Settlement Administrator within 100 days after the Qualifying Leak occurs, though the Settlement Administrator may extend this 100-day period for a particular Claimant upon a showing of good cause as determined by the Settlement Administrator. An explanation in a Claim Form under oath reasonably demonstrating that the Claimant was precluded from submitting a Claim Form due to circumstances beyond the Claimant’s control shall constitute good cause. Eligible Claimants with Future Property Damage Claims shall receive an initial payment of 50% of their Reasonably Proven Property Damage with the potential for a supplemental payment up to 75% of their Reasonably Proven Property Damage. The Claimant must have taken reasonable steps to mitigate (i.e., limit or stop) the effects of the Qualifying Leak.
Future Property Damage Claims
