Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, 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 the employer.

At WeInsure, since we carry National General, we will soon also be able to sell Allstate policies!!!!!

U.S. Insurer Allstate Corp. said on Tuesday it will buy National General Holdings Corp. for about $4 billion in cash, scaling up its auto insurance business at a time when the coronavirus has crushed traffic on roads and reduced claims.

National General’s shareholders will receive $32 per share in cash and closing dividends of $2.50 per share for each share held. This would imply a total deal value of $3.92 billion and a premium of about 69% to National General’s Tuesday close, Reuters calculations showed.

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2020/07/08/574808.htm#

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, 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 the employer.

Most Fla. property owners will likely pay more when their policies renew, as insurers pass along increasing costs of coverage they need to pay claims after a disaster.

FORT LAUDERDALE, Fla. – Florida homeowners, already paying nearly the highest home insurance rates in the nation, should get ready for more sticker shock if and when their policies next renew.

Premiums for most Florida property owners are poised to jump again – sharply – as insurers pass along skyrocketing costs of coverage they need to pay claims after a catastrophic hurricane or other weather event.

That coverage is called reinsurance. It’s insurance that insurers must buy to prevent them from going broke – and to make sure you get paid – after a disaster.

By the June 1 start of every year’s hurricane season, insurers negotiate new reinsurance contracts for the upcoming year. Global capital firms provide the coverage, financed by investors who hope their outlay brings them a higher percentage of profit than if they had left the money in stocks, bonds or other investments.

This year, reinsurance prices increased 20% to 30% in Florida, and averaged 26.1% for companies that cover the most vulnerable catastrophe zones in the U.S., according to a report from artemis.bm, a reinsurance-focused news website.

The increases are the steepest in Florida in more than a decade and are similar to increases that drove up rates for policyholders after the 2005 hurricane season, the report stated, adding that companies hit hardest by claims and lawsuits in recent years faced increases of more than 45%.

Big hikes coming for policyholders

Industry experts say the increases soon will trickle down to Florida property owners who already pay $3,643 on average a year to insure their homes. That’s nearly $1,338 more than the national average

Please enjoy the full article below;

https://www.floridarealtors.org/news-media/news-articles/2020/06/insurance-firms-ready-charge-more-money-storm-season

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, 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 the employer.

It has been two months since COVID-19 began to turn the U.S. economy upside down. Suffering massive losses due to the damage caused by coronavirus, businesses have quickly turned to their insurance companies for assistance.

Unfortunately, most have been stonewalled by two party-line arguments from their insurance companies: That COVID-19 does not cause the “damage” needed to trigger coverage and that viruses like COVID-19 are excluded causes of loss anyway.

Fortunately for policyholders, the analysis is rarely so simple. The unprecedented breadth of damage caused by COVID-19 has already spawned unique fact patterns and novel policy interpretation questions.

As the pandemic develops and insurance companies refine their denial arguments, the battle lines will be drawn. At present, however, there are as many questions as there are answers.

Explicit Communicable Disease Coverage? Not So Fast

Civil Authority Coverage: Not All Closure Orders Are Created Equal

Read the Very Fine Print: State Amendatory Endorsements

Nicholas Maxwell, attorney, Anderson Kill

Even for policyholders without communicable disease coverage extensions and with contamination exclusions listing “virus,” coverage may still be available.

Please enjoy the full article below:

COVID-19 and Business Interruption: Some Losses Are Covered and Here’s Why

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, 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 the employer.

According to the complaint, which was filed at the United States District Court for the Southern District of Florida, the defendants include Syndicates AFB 2623, AFB 623, APL 1969, ARG 2121, BRT 2987, BRT 2988, HIS 33, KLN 510, MMX 2010, MSP 318, NVA 2007, TRV 5000, and XLC 2003.

The class action argued: “Plaintiff’s policy does not contain any exclusion which would apply to allow defendants to deny coverage for losses caused by COVID-19 and related actions of civil authorities taken in response to COVID-19.

“Accordingly, because the policy is an all-risk policy and does not specifically exclude the losses that plaintiff has suffered, those losses are covered.”

 

Enjoy the full article below;

https://www.insurancebusinessmag.com/us/news/breaking-news/lloyds-of-london-underwriters-rocked-by-another-covid19-class-action-lawsuit-221110.aspx?ref=insurancedailynews

Please call  Lee from Calles Financial and Chaisteli Insurance  at 954-270-7966, 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 the employer.

Unless the policy excludes pandemics, insurers should pay.

Trump spoke about the issue for a minute and a half during his daily coronavirus task force briefing after a reporter asked if he is concerned about growing credit card debt resulting from business closures. The president said that he was and that the White House has spoken to credit card companies about reducing interest rates.

Then he moved on to the subject of business-interruption insurance.

“You have people that have never asked for business-interruption insurance and they have been paying a lot of money for a lot of years for the privilege of having it and then when they finally need it, the insurance company says ‘We’re not going to give it,’” Trump said. “We can’t let that happen.”

Please enjoy the full article below!

https://www.claimsjournal.com/news/national/2020/04/10/296516.htm

Please call  Lee from Calles Financial at 954-270-7966, 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 the employer.

Not just Insurance carriers, but Reinsurance rates as well unless Tallahassee comes up with the Cat Fund solution I posted before the end of the regular session. There may also be a special Insurance session after!

It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims.

What may be surprising for insureds, however, is how substantial the increases to their premiums may be, particularly if current filings being evaluated by the Florida Office of Insurance Regulation are approved without modification

In rate hearings before OIR over the last two months, several Florida carriers explained their filings for rate increases ranging from more than 20% to nearly 40%. Since December, Edison Insurance Co., Capitol Preferred Insurance Co., and Velocity Risk Underwriters (on behalf of National Specialty Insurance Co.), have told regulators that these rate increases are needed for their companies to remain healthy.

“Unfortunately, times come that you have to do certain things to increase your rates and make sure your company stays viable and functional and healthy,” said Capitol Preferred President and CEO Jimmy Graganella at its Feb. 7 rate hearing. His company is seeking a 36.5% rate increase on one of its 14 insurance programs covering about 28,000 consumers in Florida.

Capitol Preferred is one of many insurers responding to deteriorating conditions in the Florida homeowners insurance market from a combination of AOB, water damage loss claims and several years of major hurricanes, as well as a what insurers call “loss creep” from those claims in recent months.

According to a June 2019 AM Best report, several carriers, including the top five publicly traded Florida insurers (United Insurance, FedNat, Heritage, Universal and Homeowners Choice) have reported adverse development related to Hurricane Irma, “considerably increasing ultimate loss estimates since impact,” Best said.

The report also noted claims from Hurricane Michael appear to be taking a “similar, though less severe, trajectory,” with several carriers increasing ultimate loss estimates as time passes.

These factors are being blamed for the need for higher insurance rates and a tightening of coverage in several regions of the state, particularly in South Florida.

Please enjoy the full article below!

https://www.insurancejournal.com/news/southeast/2020/02/25/559166.htm

 

Please call  Lee from Calles Financial at 954-270-7966, 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 the employer

Please enjoy the full link below.

https://myemail.constantcontact.com/NAIFA-Florida-Session-Dispatch-Week-3.html?soid=1118019259448&aid=52_cvHub5XU

Please call   Gateway/ Acentria Insurance at 1-888-244-7400 for free quotes on Home Insurance, Auto, Flood, Private Flood, Business & Commercial & Life & Disability as well as group Benefits. I am the Home Insurance Guru now the VP of personal Lines marketing at Acentria Insurance.

 

VIII. Private Flood Insurance Bill (HB 813)

 

HB 813 mandates that the Florida Commission on Hurricane Loss Prevention Methodology revise hurricane loss prevention models every four years. Current law requires that an agent notify the insured that if they choose to leave the National Flood Insurance Program (NFIP) and later return, they will pay the full-risk rate, not the NFIP-subsidized rate. Additionally, the agent must obtain a signed disclosure from the insured acknowledging such; current law requires the agent provide written notice to be signed by the applicant upon receiving the application to obtain private flood coverage. The new language allows the agent more flexibility by requiring the agent provide the signed notice at any point before the agent actually places flood coverage with a private insurer. However, the agent may avoid obtaining the acknowledgment if the NFIP allows insureds, at some point in the future, to return to the program at any time and still obtain the subsidized rate.

 

 The bill extends the sunset for insurers not having to get private flood rates approved from October 1, 2019 to October 1, 2025. The bill also extends from 2017 to 2019 an exemption from the diligent effort search requirement for surplus lines insurers. Also, if fewer than three admitted insurers are writing flood on July 1, 2019 when the diligent search exception expires, the agent may only obtain a number of declinations that meet the number of admitted insurers providing coverage. For example, if only one flood insurer is writing private coverage, only one declination will be required.

LEGISLATION THAT FAILED THIS SESSION:

III. Assignment of Benefits (HB 1421)

 

There were a number of variations of legislation and amendments to rectify the AOB abuse epidemic throughout Florida. Unfortunately, no good AOB measure was able to succeed. However, we were successful in fighting off measures by the trial bar that would have enhanced the already prevalent AOB abuse.

 

There were two main vehicles addressing AOB. HB 1421 by Representative Grant, and SB 1218 by Senator Farmer. The House bill was the preferred vehicle for insurers, whereas the Senate bill was a trial-bar friendly initiative. The House bill would have required disclosures be provided to the insureds before entering into an AOB. It also would have moved to a “loser pays” attorney fee system. The House legislation provided the insured with an opportunity to rescind the assignment within 7 days of entering into the contract with the vendor. Further, the bill increased consumer protections and required vendors to provide written estimates of the work to be completed and required the assignee to notify the insurer of the assignment within 3 days of it being executed.

 

The Senate bill was amended a number of times and ultimately was not heard in its final committee. Generally, the Senate measure neglected to change the current attorney fee law for vendors, essentially endorsing the notion that vendors under AOB assignments are eligible to receive unlimited attorney fees. The Senate bill was extremely unfriendly to insurers and did not contain any attorney fee language. It required insurers to eliminate the costs of attorney gees on cases in which they lose a claim case in litigation from being part of the base rate and would have, essentially, ended the ability to utilize a managed repair program or ability to invoke the right to repair on a particular claim.   ( Welcome to Higher Home Insurance premiums)

IV. Workers Compensation

 

HB 7085 addresses the recent decisions declaring some components of Florida’s Workers Compensation law unconstitutional. The bill would permit direct payments of attorneys by or on behalf of claimants and increases the total combined temporary wage replacement benefits (TTD/TPD) from 104 weeks to 260 weeks. It also allows a Judge of Compensation Claims (JCC) to award an hourly fee that departs from the statutory percentage based attorney fee limitation of $1500 under certain situations. Among several other components, HB 7085 also permits insurers to uniformly reduce premiums by no more than 5% if they file an informational-only notice within 30 days. Insurance industry representatives believe that the ability of a judge to award additional attorneys’ fees above the standard fee of $1,500 makes this bill less than ideal, and likely means that litigation will continue to expand causing rates to increase.

 

SB 1582 requires insurance carriers to authorize or decline requests for 

authorization from health care providers within a three-day period and provides that a request is deemed to be authorized if the carrier fails to respond. Like the House bill, the Senate bill increases the temporary partial disability benefits from 104 weeks to 260 weeks, in compliance with the Florida Supreme Court’s decision in Westphal v. City of St. Petersburg. SB 1582 eliminates the statutory fee schedule of $1,500 for setting claimant attorney’s fees but allows the judge to consider certain factors and permit deviation from the attorney fee schedule. 

 

 

The two bills remained different between chambers through the end of session. The House sought to curb attorney’s fees and was more industry friendly than the Senate bill, which was seen as friendlier to the trial bar.

 

 

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

The Florida Office of Insurance Regulation (OIR) is appealing a court order invalidating its approved 14.5 rate increase on Florida workers’ compensation rates that was set to take effect Dec. 1

Based on the OIR filing its Notice of Appeal, the rate halt is on hold until the case is reviewed by the First District Court of Appeals.

The challenge to the rate increase was brought by James Fee, a Miami attorney who represents injured workers. Fee claimed, and Leon County Circuit Court Judge Karen Gievers agreed, that NCCI was in violation of Florida’s Sunshine Laws in holding “multiple, non-public, secret meetings” internally and with the OIR over the rates.

http://www.insurancejournal.com/news/southeast/2016/11/29/433411.htm

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

The Florida Office of Insurance Regulation (OIR) has given contingent approval for an overall statewide workers’ compensation rate increase of 14.5 percent to take effect Dec. 1, 2016. The rate increase is in response to two recent Supreme Court rulings undoing reforms passed in 2003 and rocking the state’s workers’ compensation system.

In the Sept. 27 order, OIR disapproved the National Council on Compensation Insurance’s (NCCI) filing for a 19.6 percent increase, on behalf of insurers, saying that much of an increase on new, renewal and outstanding policies was not justified.

Instead, OIR said NCCI could submit a revised filing for a 14.5 percent increase.

“After a thorough review of the workers’ compensation insurance rate filing submitted by the [NCCI] and careful consideration of hundreds of public comments and testimony received from interested stakeholders, [OIR] has issued an order that gives contingent approval to an overall combined average statewide rate increase of 14.5 percent versus the requested 19.6 percent,” OIR said in its statement.

OIR said approval of the revised rate increase is contingent on NCCI amending the filing to include the recommended changes stipulated within the order. The amended rate filing must be filed with OIR for review and approval no later than Oct. 4, 2016. NCCI said it would review the order and respond “in a timely manner.”

 

http://www.insurancejournal.com/news/southeast/2016/09/27/427642.htm