July 2015

The Florida Department of Financial Services’ Division of Insurance Fraud has announced the arrest of Mandy Rodriguez, 35, on felony fraud and grand theft charges after an investigation revealed that Rodriguez, a licensed insurance agent, allegedly stole more than $80,000 in premium funds from four of his clients. In an effort to conceal that he was pocketing the money intended to pay the premiums on policies his clients thought were valid, Rodriguez created fake proof of insurance documents and gave them to his clients, DIF said in a statement.

Rodriguez’ clients reportedly believed they were paying for legitimate commercial or homeowners’ insurance policies from Citizens Property Insurance Co., but Citizens verified that none of the policies ever existed. Rodriguez allegedly instructed his clients to write their premium checks to his company, Risk Management Agency Group, rather than to Citizens directly. Bank records show that the victims’ checks were deposited into his company’s account for personal use.


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



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



The property insurance market in Florida has significantly shifted in market share as Citizens Property Insurance Corp. (Citizens)—the state-run property insurance company—continues to depopulate and move policyholders to the private market, which has increasingly seen the emergence of newly formed, in-state writers.

While these new companies have experienced significant growth driven by the dynamics of Citizens’ shifting market position, there is significant risk as proper risk management, risk analytics and overall infrastructure to manage the growth are in some cases untested, according to a new special report from A.M. Best.

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While Florida has not had a significant hurricane in the past few years, it has been impacted by other unique issues, including sink-hole claims. The Best’s Special Report, titled, “Florida Property Insurers Remain Untested: Will 2015 Be the Year?,” states that these storms along with sink-hole losses, escalating reinsurance costs and general market conditions have caused many larger, national carriers to reduce Florida property exposures. Beginning in 2007 and continuing to the present time, many of the long-term top 10 insurance market leaders have been replaced by several less-experienced companies.

A.M. Best’s analytical process for Florida-concentrated companies encompasses the same qualitative and quantitative evaluations as all companies do.

In the case of those companies with exposure to wind events, a key component in the analysis is its exposure to hurricane loss and the recoveries of reinsured losses. Not surprising, many companies have a very high gross probable maximum loss. In addition, a stress test is performed on the company’s capitalization that measures the capital position post an event and its ability to absorb a subsequent event on its capitalization.

As was evident in 2004, when several hurricanes caused significant insured property losses, the possibility of multiple severe events and correspondingly multiple reinsurance retentions and reinstatements is a real possibility.

This group and the other carriers will eventually be tested when the major hurricane(s) make landfall in Florida. While the financial resources to respond to all their affected policyholders financial loss is considered measurable, the operational resources to handle the volume of claims in an efficient and timely fashion will be equally tested. A.M. Best will continue monitoring the Florida market, with analytical emphasis put on catastrophe risk management and the standard and stress-tested scenario measurement of risk- adjusted capitalization. Understanding each entity’s financial condition after single or multiple catastrophe events, as well as its ongoing ability to respond to subsequent events, continues to be a critical component of the interactive A.M. Best analysis and the assignment of ratings.

Source: A.M. Best

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A common theme found in our most recent blog posts pertains to a property owners’ post-loss obligations under an insurance policy.  Likewise, we have discussed and advised that failure to comply with these policy conditions may prejudice an insured’s claim and even result in a coverage denial.  This week we will be discussing another post-loss obligation imposed on an insured referred to as an Examination Under Oath, or “EUO.”  No, this type of examination does not involve needles, but it does involve some poking and prodding (i.e., questioning) by the insurance company

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



I currently run the Broward county program in 4 High Schools. Deerfield Beach High, Stoneman Douglas High, Flannigan High and cooper City High. The program is to have High school students learn about The Insurance industry and possibly consider a career or just learn about what they will need to know. The program is basic, but scholarships are given to up to 8 students each year and about 125 or more kids each year are taken around the county to see real life offices and  career possibilities. If you would like to volunteer for the program or be a sponsor of a school, please let me know. Also, if you are working in an Insurance agency or company or any affiliated business like Real Estate, Mortgage ect.. please see if you have any jobs to be filled and we will have resumes sent to you so you can train them while they are still young and eager to learn. The article below was just placed in the National Insurance magazine IA and you can read it there or the link is below; Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.