Contract analysis

I. PURPOSE AND EXECUTIVE SUMMARY This memorandum summarizes the key testimony and admissions obtained during the fact-discovery deposition phase conducted between July 10 and August 28, 2023, in the above-captioned matter. Its purpose is to provide the litigation team with a consolidated reference document cataloging favorable admissions, identifying testimony that supports our client Verimark Hospitality Group Inc.'

II. DEPOSITION SCHEDULE SUMMARY The following table summarizes the six fact depositions conducted during the July 10 through August 28, 2023 discovery period: All depositions were conducted in person and reported by a certified court reporter. Videography was utilized for the depositions of Victor Haddon, Denise Whitford, and Franklin Orde. Transcripts have been ordered on an expedited basis; rough transcripts are cu

III. DEPOSITION OF VICTOR HADDON (IRONCLAD SVP CLAIMS) — JULY 10, 2023 A. Background and Role Victor Haddon has served as Ironclad Indemnity Corporation's Senior Vice President of Claims for approximately eleven years. In his capacity as SVP of Claims, Haddon is responsible for supervising all property and casualty claims with reserves exceeding $5 million. He reports directly to Ironclad's Executive Vice President o

IV. DEPOSITION OF DENISE WHITFORD (ARBOR CLAIMS SERVICES) — JULY 24, 2023 A. Background and Role Denise Whitford is the lead independent adjuster at Arbor Claims Services LLC, a Tampa, Florida-based independent adjusting firm. Whitford has approximately eighteen years of experience in property and casualty adjusting, with particular expertise in catastrophic weather-related losses. Arbor Claims was retained by Ironcl

V. DEPOSITION OF FRANKLIN ORDE (TIDEWATER RISK ADVISORS) — AUGUST 28, 2023 A. Background and Role Franklin Orde is the account executive at Tidewater Risk Advisors LLC, located at 2600 South Bayshore Drive, Suite 800, Miami, Florida 33133. Orde has served as VHG's insurance broker and risk advisor since 2018, managing the placement and renewal of VHG's comprehensive property and business-interruption insurance progra

VI. DEPOSITION OF MARCUS ELLSWORTH (VHG CEO) — AUGUST 7, 2023 A. Background. Marcus Ellsworth, Chief Executive Officer of Verimark Hospitality Group Inc. (Nasdaq: VMRK), was deposed by Gregory Stanton of Fendowell Rourke & Stanton LLP at VHG's corporate headquarters at 1900 Brickell Avenue, Suite 3200, Miami, Florida 33129. Elaine Forsythe attended and defended the deposition on behalf of VHG. The deposition lasted a

VII. DEPOSITION OF DIANE CALDER (VHG CFO) — AUGUST 8, 2023 A. Background. Diane Calder, Chief Financial Officer of Verimark Hospitality Group Inc., was deposed by Gregory Stanton and Meredith Liang of Fendowell Rourke & Stanton LLP on August 8, 2023, at VHG's corporate headquarters. Tiffany Rosenthal defended the deposition on behalf of VHG. The deposition lasted approximately seven hours, reflecting the depth and co

VIII. DEPOSITION OF SANDRA PELLEGRINI (VHG VP RISK MANAGEMENT) — AUGUST 14, 2023 A. Background. Sandra Pellegrini, Vice President of Risk Management at Verimark Hospitality Group Inc., was deposed on August 14, 2023. She was examined by Gregory Stanton and Colin Ashford of Fendowell Rourke & Stanton LLP on behalf of Ironclad, and by Patricia Kraus of Delvecchio & Kraus LLP on behalf of co-defendants Montclair Assuran

IX. CONSOLIDATED ANALYSIS OF KEY ISSUES This section consolidates the deposition testimony and documentary evidence bearing on the four principal coverage issues in the case and provides an overall assessment of VHG's position on each issue as we approach the dispositive motion and expert discovery phases. A. Windstorm Sub-Limit Deletion — Summary of Evidence The following table consolidates the evidence on the winds