President, Personal Insurance Federation of Florida
PH: (850) 597-7425
FOR IMMEDIATE RELEASE
PIFF STATEMENT OPPOSING PREJUDGMENT INTEREST LEGISLATION
TALLAHASSEE, Fla. (Feb. 23, 2017) – The Personal Insurance Federation of Florida (PIFF) today issued the following statement regarding its opposition to Senate and House prejudgment interest bills. HB 469, by Rep. Shawn Harrison (R-Tampa), passed the House Civil Justice & Claims Subcommittee today; its companion measure, SB 334, by Sen. Greg Steube (R-Sarasota), passed the Senate Judiciary Committee on Feb. 21.
“The requirement that a court apply prejudgment interest to economic and non-economic damages, including attorney fees, in any civil action, is a new cost driver that will hurt Florida consumers,” said PIFF President Michael Carlson.
“In cases where insurance may cover the cost of compensating a party who suffers economic or non-economic damages, the mandated award of interest on these damages, and the associated requirement that interest be awarded on attorney fees, will simply drive up the cost of insurance for all insurance consumers in Florida,” Carlson said.
“PIFF member companies believe that people who suffer damages through the wrongful action of others should be fairly compensated for their losses. Florida law currently provides access to redress and means for full compensation and should not be changed to suit special interests,” he said.
The Personal Insurance Federation of Florida was formed in late 2010 with three charter members: Allstate and Castle Key Insurance Companies, The Progressive Group of Insurance Companies, and State Farm Insurance Companies, to create a dynamic, efficient, and competitive marketplace for personal insurance products for the benefit of all Floridians. PIFF charter members serve 45 percent of the automobile insurance market and more than 20 percent of the homeowners’ property insurance market.