Tampa Bay Times Editorial A steady drip usually signals bigger trouble, and this is no exception. Insurance claims and lawsuits for water damage are climbing, and the mess is spreading from South Florida to Tampa Bay. That means trouble for private insurers and the state-run Citizens Property Insurance Corp. And that means trouble for homeowners…
An Update of the Abuse of Assignments of Benefits and its Correlation with One-Way Attorney’s Fees by Mark Delegal and Ashley Kalifeh for Florida Association of Independent Agents, Executive Summary As discussed in FJRI’s 2015 paper,1 the prospect of one-way attorney’s fees has encouraged a growing number of lawyers to partner with various service providers…
“An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an ‘uncertain operating environment’ for Florida’s property insurers and that is will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies.” READ MORE.
“The prospect that a national rating firm might downgrade Florida insurance companies because of rising costs linked to assignment of benefits agreements has lit a fire under advocates of reforming those contracts.” READ MORE.
TALLAHASSEE An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an “uncertain operating environment” for Florida’s property insurers and that it will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies. Demotech, Inc., a company which…
As the Legislature debates restricting attorney fees in insurance litigation involving assignment-of-benefits agreements, a tort-reform group has identified a way to circumvent that fix. Attorneys could convince policyholders to file suit in their own name. A report, “Restoring Balance in Insurance Litigation,” released Monday by the Florida Justice Reform Institute, discusses that possibility in the context of…
SUN SENTINEL – OPINION If Florida drivers don’t get a replacement for the state’s overpriced no-fault auto insurance system this year, it will be Tallahassee’s fault. Bills in the House and Senate would abolish the nearly five-decades-old requirement to purchase $10,000 worth of Personal Injury Protection as part of the policy. Five years ago, the…
Michael Moline – St. Peters Blog A state senator proposing legislation to mitigate flood risk said Friday that lawmakers in Tallahassee don’t fully appreciate the extent of that risk. “I think my colleagues in the Legislature don’t quite understand the gravity of the situation — much like Congress,” said Jeff Brandes, a St. Petersburg Republican. “They…
Florida Politics – Michael Moline Insurance Commissioner David Altmaier laid out his office’s solution to the insurance assignment-of-benefits problem to Gov. Rick Scott and the Cabinet Tuesday, and it includes limiting contractors’ ability to recover attorney fees in litigation against insurance companies. Florida’s one-way attorney fee statute is intended to shield policyholders against legal bills if they want to…
TALLAHASSEE — Florida’s no-fault auto insurance system could be nearing the end of its road. Legislation has again been filed to eliminate personal-injury protection coverage and require motorists to carry bodily injury liability coverage. And lawmakers were told last week that personal-injury protection reforms — championed by Gov. Rick Scott and state Chief Financial Officer Jeff…