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The rates and forms must be approved prior to any insurance policies being offered for sale to consumers within the state.
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Traditional insurance companies must file their premium rates and policy forms with state regulatory agencies. Surplus lines insurance is intended to provide coverage that cannot be easily procured in the conventional insurance marketplace. The maze of coverage issues actually continues even after the claim is resolved. If there is another hurricane in the next few years, carriers will be aware of the policyholders who had Hurricane Wilma claims and will likely request documentation reflecting repairs if damage is being claimed to similar areas of property.Ĭontinue Reading Hurricane Law Tip – Document Hurricane Repair Expenditures Even After a Claim Settlement Consistency in Florida Surplus Insurers Not Having to File their Rate Information with the Office of Insurance Regulation for Approval Oftentimes, much of the advice offered by lawyers and professionals to policyholders in the property insurance industry concerns what steps need to be taken to help policyholders navigate their way through the intricacies of policy interpretation and coverage. The other day at the NAPIA Conference, Mary Fortson, Vivian Persand and I were discussing an issue of importance for policyholders to be mindful of even after their Hurricane Wilma claims are resolved. With the New Year approaching, we can make a resolution to discuss with our policyholder clients the importance of making repairs and documenting them after a hurricane claim resolution.Ĭontinue Reading Hurricane Law Tip – Advise Policyholders of the Importance to Complete and Document Repairs After a Loss Hurricane Law Tip – Document Hurricane Repair Expenditures Even After a Claim Settlement However, everyone involved in the first-party property insurance industry can do one thing for the policyholders who may not have the pleasure of reading the hurricane law blog posts. The focus of that blog was directed toward policyholders themselves. In my December 13, 2010, post titled Hurricane Law Tip – Document Hurricane Repair Expenditures Even After a Claim Settlement, I wrote about the importance of documenting repairs to property following a hurricane claim resolution. 1983).Ĭontinue Reading Did The Policyholder’s Lawsuit Against The Insurer Act As A Necessary Catalyst To Resolve The Dispute? Insured, Shortly After Filing For Bankruptcy, Sues Insurer For Damages to Property Caused By Hurricaneįortunately, South Florida was not slammed this past hurricane season as the forcasters predicted. Now, with the holiday season here, the last thing on many policyholders’ minds is the ramifications surrounding hurricane claim settlements and restoring affected property. Lloyd’s and Companies of Lloyd’s, 439 So.2d 217 (Fla. Thus the payment of the claim is, indeed, the functional equivalent of a confession of judgment or a verdict in favor of the insured.” Wollard v. Florida case law has traditionally held that when an insurer pays additional policy proceeds after a lawsuit is filed, the insurer “has, in effect, declined to defend its position in the pending suit. If a policyholder has to file a lawsuit to recover claim proceeds, then the insurer may be responsible for the policyholder’s attorney’s fees in the litigation. Florida Statute 627.428 is intended to encourage insurers to pay policyholders the claim proceeds they are entitled to without the need for litigation. Whether a policyholder’s lawsuit against an insurer was necessary to resolve a first party claims dispute can be an important question for Florida courts in determining an insured right to attorney’s fees pursuant to Florida Statute 627.428.