Hurricane Updates


Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

The insurance industry and consumers advocates say the abuse has caused higher insurance premiums in the state and made insurance harder to obtain.

The bill’s provisions:

  • Define “assignment agreement” and establishing requirements for the execution, validity, and effect of such an agreement
  • Prohibit certain fees and altering policy provisions related to managed repairs in an assignment agreement
  • Transfer certain pre-lawsuit duties under the insurance contract to the assignee and shifting the burden to the assignee to prove that any failure to carry out such duties has not limited the insurer’s ability to perform under the contract
  • Require each insurer to report specified data on claims paid in the prior year under assignment agreements by January 30, 2022, and each year thereafter
  • Allow an insurer to make available a policy prohibiting assignment, in whole or in part, under certain conditions
  • Revise the state’s one-way attorney fee statute to incorporate an attorney fee structure in determining the fee amount awarded in suits by an assignee against an insurer
  • Require service providers to give an insurer and the consumer prior written notice of at least 10 business days before filing suit on a claim.

The Senate bill was sponsored by Senator Doug Broxson, chair of the Banking & Insurance Committee.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/04/24/524700.htm

Advertisements

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

The “Underwater Homeowners Association” sounds like a sad joke about the future of real estate in flood-prone Miami.

I

Starting in his affluent suburb of Pinecrest, artist Xavier Cortada hopes his concept will spread, helping people nationwide understand that melting polar ice is no abstract threat.

Cortada repurposes “for sale” signs, painting partially-submerged numbers that announce exactly how many feet above sea level each property is, for people to plant in their front yards. A growing number of members have signed on at underwaterhoa.org since Cortada launched the idea in December.

Cortada’s signs show his home is on relatively high ground: 6 feet (2 meters) above sea level. His studio is at 8 feet (2.5 meters).

Rising seas will spare no one concerned about quality of life in Pinecrest, a village of 19,000 not far from Biscayne Bay. Like the rest of South Florida, it’s trapped between the ocean and the swampy Everglades, which act as a western coastline. Water also rises through Florida’s porous bedrock, making seawalls and levees less effective.

t’s actually an earnest effort to turn neighbors into climate-change advocates, block-by-block.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/04/05/522959.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the coast.

The company said for the first time since 2005, Citizens will purchase traditional reinsurance for its PLA, which is comprised of 301,000 residential policies, most of which are not located along the coast. The reinsurance coverage will reduce Citizens’ PLA surplus exposure from 62 percent to 52 percent in the event of a 1-100 year storm.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/28/521996.htm

 

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

As lawmakers convene for the Florida Legislature for the 2019 Legislative Session, Sen. Doug Broxson (R-Gulf Breeze), an independent agent and member of the Florida Association of Insurance Agents (FAIA), has introduced a bill supported by the industry to reform a law that is being abused by attorneys and unscrupulous contractors

The current law provides that a policyholder who sues an insurance company for underpaying or denying a claim will not have to pay the insurance company’s attorney fees should the company win.

In theory, it levels the playing field for consumers who don’t have the financial resources to compete with a large insurance company.

In practice, it creates an environment ripe for abuse.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/19/520981.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Just over a week into the 2019 legislative session, insurance industry-supported bills aimed at reforming Florida assignment of benefits (AOB) abuse are making progress in the state legislature.

Lawmakers in the Florida House of Representatives and Senate have each advanced legislation that Florida’s insurance regulator, industry and consumers advocates say would help stem the tide of abuse that is spreading statewide and leading to higher rates for consumers.

And both bills tackle the number one issue that AOB reform advocates say is fueling the abuse: Florida’s one-way attorney fee statute.

Pressure from the state’s insurance regulator and new governor may be helping to move things along in what is now the seventh year the issue has been before state lawmakers.

“AOB abuse has an adverse impact on our consumers and directly undermines the ability of Floridians to have reliable insurance products available at affordable prices. I will remain a vocal proponent of measures that stem AOB abuse and protects consumers from the abusive tactics exhibited by bad actors who exploit Florida’s unique attorney fee structure,” Florida Insurance Commissioner David Altmaier said after the passage of a bill by a Florida House committee last week.

Florida’s new governor Ron DeSantis has weighed in on the issue at his first state of the state on March 5, saying, “There are areas where Florida can do better. I hope the Legislature passes legislation to reform the issue of AOB, which has become a racket.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/15/520750.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Companies can be shut down or be told to non renew a large book of their business. This will be a huge problem for so many of his happens.

After reviewing the year-end financial statements of the Florida-based carriers it rates, Ohio-based ratings agency Demotech is warning that many insurers could see underwriting and operating losses in their year-end financial statements and that those insurers should be prepared to shore up and strengthen their reserves going forward.

“Florida has experienced three straight years of storms, as well as an [AOB] issue and other court issues – it’s a complex environment,” said Demotech President Joe Petrelli.

On Feb. 18, Demotech announced it had affirmed the Financial Stability Ratings (FSRs) of 51 of the 52 Florida-focused carriers it rates prior to the public release of their year-end financial statements, saying the companies had demonstrated to Demotech realistic estimates of gross and net loss and loss adjustment expense reserves related to claims arising from 2017’s Hurricane Irma and 2018’s Hurricane Michael and that their reinsurance was of “sufficient quality and quantity to expect reimbursement for outstanding losses and loss adjustment expenses…”

Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

Demotech further stated that going forward insurers will need to strengthen their loss and loss adjustment expense reserves to deal with the “difficult operational environment associated with assignment of benefits [AOB] and other judicial precedents that expanded insurer liability…”

Please enjoy the full article below;

Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them,

A Florida woman has been arrested for alleged unlicensed practice of public adjusting and grand theft related to Hurricane Irma, according to a statement from the Florida Department of Financial Services.

Mary Bruce is accused of attempting to steal more than $68,000 in fraudulent insurance claims. This is Bruce’s second arrest for insurance fraud this year. Officials said she bonded out of jail in January and was arrested again on separate charges.

Please enjoy the full articlebelow

https://www.insurancejournal.com/news/southeast/2019/02/21/518398.htm

Next Page »