Here are some recent articles of interest that I found this week for the insurance industry, Florida insurance law, Florida insurance claims, and Florida insurance trends. Enjoy!
Insurance Company Awarded Attorney’s Fees Against Insurance Claimant
In Citizens Property Insurance Corporation v. Perez, 4D12-1412 (Fla. 4DCA 2014), a new Florida insurance law case, the insurance company was seeking attorney’s fees and costs against its policyholder when the policyholder lost a Florida insurance claim lawsuit. The legal basis for attorney’s fees and costs was based on a Proposal for Settlement made under Florida Statute 768.79 and Florida Rule of Civil Procedure 1.442. In the proposal for settlement, the insurance company made a minimal offer of $1,000.00 to which the policyholder rejected. The policyholder argued the insurance company was not entitled to attorney’s fees and costs because the minimal offer was not made in good faith. The Florida Fourth District Court of Appeal held that an insurance company’s minimal offer was in good faith if it had a reasonable basis at the time of the offer to believe its exposure was nominal. The Fourth District Court of Appeal found that the insurance company had a reasonable basis to believe its exposure was nominal and the minimal offer was made in good faith. Read more here…
Flood Insurance Reforms May Be Missing The Mark
Reforms to the National Flood Insurance Program have been passed, but these changes may have little impact on the actual cost of flood protection in many parts of the U.S. The reforms were meant to limit the rate at which flood protection becomes more expensive, but homeowners in many parts of the country could face “extreme costs” when it comes to their coverage in the coming months. In Winona County, Minnesota, for instance, homeowners are being told to brace for rate shock as flood protection becomes more expensive. Read more here…
Florida Senate Passes Parasailing Insurance Bill
Parasailing in Florida moved closer to becoming a regulated industry lat week, with the Senate approving a bill that would place safety guidelines on companies.
The legislation details insurance, equipment and license requirements, along with weather conditions that would force operations to temporarily stop. The bill passed 40-0. Read more here…
Carriers Being Selective with Citizens Clearinghouse Agency Appointments
Florida’s state-backed Citizens Property Insurance Corp. says the initial opening of its new web-based clearinghouse designed to make it easier for private insurers to write its policies has been promising, although the number of policies removed by insurers has been modest due to the reluctance of companies to appoint agents. Citizens launched the clearinghouse at the end of January, making it the latest tool for the insurer to reduce its 940,000-plus policyholders. Read more here…
Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!
