Denied Coverage for $30,000 of Flooded Equipment, Wheated Still Moves Forward
In the wake of Hurricane Sandy, Wheated’s David Sheridan (pictured above at a local soup kitchen) learned that flooding may have ruined $30,000 in equipment sitting in a Coney Island storage unit. Just a few days ago, David received verbal denial of insurance coverage from an inspector who visited the space.
“The effects of being submerged in saltwater is now apparent when looking at the ovens,” David told us. “I have to accept that they are a total loss as the manufacturer had indicated. We are moving forward while looking at ways to raise funds to overcome the setback of loosing the ovens. Because we are not yet open, the emergency loan program setup by NYC for helping businesses recover is not available to us. I am hoping FEMA/SBA will be able to provide us with a loan based on the loss.”
Several commenters on this blog raised the possibility of community fundraising, something that David and his wife Kim McAdam are considering.
Despite the “total loss” of $30,000 of equipment and the denial of insurance coverage, Kim and David continue to move forward.
“I would say January completion is still our goal with an opening shortly afterwards,” wrote David. “The amount that has been completed is significant. I now see a restaurant shaping up when I walk into the space. A good feeling for sure.”
Photo: Facebook
