February 2015


A Florida court has ruled that one of the state’s largest automobile insurers must pay over $100,000 in attorney fees under the “additional payments” provision of its liability coverage

Typically, attorneys who represent automobile accident victims are paid on a contingency basis and receive a percentage of any damages paid to the victim. Payments to attorneys are characterized and considered as “fees.”

Such fees are differentiated from court “costs,” which a prevailing attorney receives from the insurer. Costs can include monies for filing documents, hiring expert witnesses, court transcription services and other expenditures.

There is only one exception to that compensation system. Under a Florida law, if a victim’s jury award exceeds an offer of settlement by more than 25 percent, the victim can request a payment for additional attorney fees.

 

Please read the full article below and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood Auto, Business & Commercial, & life & Financial products as well.

 

http://www.insurancejournal.com/news/southeast/2015/02/26/358728.htm

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This will be in Fort Lauderdale and all over Florida. Please have everyone find us on Dot loop and add  L & S as a Trusted service provider for Home Insurance. We will be able to more easily help you and your clients with Home Insurance and Flood quotes. We will have a quote sheet loaded by Presidents day with our Logo as well. Please also call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

 

Thank you all for the referrals and Business and Hope to see you soon,

 

Lee

Florida’s Chief Financial Officer Jeff Atwater announced nine arrests were made last month for personal injury protection (PIP) fraud in Miami.  Charged in eight separate cases involving seven staged accidents, the individuals were arrested and charged for their involvement in the filing of more than $242,000 in fraudulent billings submitted to 11 insurance carriers.

“While their injuries may have been fake, PIP fraud is real and it is not a victimless crime,” said Atwater. “When insurance carriers absorb such high-dollar losses to fraud, we all pay in the form of higher insurance premiums.”

Please call L & S Insurance at 1-888=244-7400 for quote on Home, Flood, Auto, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2015/02/12/357330.htm

Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

 

The Florida Office of Insurance Regulation has approved the removal of up to 78,897 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corp. by the following four companies:

  • First Community Insurance Co. ‒ approved to remove up to 12,897 personal residential PLA policies
  • Heritage Property & Casualty Insurance Co. – approved to remove up to 20,000 personal residential policies (17,326 PLA/2,674 CA) and up to 500 commercial residential policies (472 commercial lines account (CLA) and 28 CA)
  • Mount Beacon Insurance Co.  – approved to remove up to 29,000 personal residential policies (25,000 PLA/4,000 CA)
  • Prepared Insurance Co. – approved to remove up to 17,000 personal residential PLA policies

Citizen’s personal lines and commercial lines accounts are mostly non-coastal properties and the coastal account are coastal properties. The take-out periods are April 28, 2015 for personal residential impacting both the PLA/CA policies and April 14, 2015 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.

This announcement brings the total number of policies approved for take-outs in 2015 to 488,405. In 2014, the total number of policies approved for take-outs was 1,109,644 and the final year-end number of policies removed from Citizens was 416,623. By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments.

http://www.insurancejournal.com/news/southeast/2015/02/11/357164.htm