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Florida Insurance Law Blog

Why more South Florida property owners may be going with Citizens

Just five years ago, Citizens Property Insurance Corporation, the state-run insurer of "last resort" for those Florida property owners unable to secure coverage on the private market, saw the ranks of policyholders mushroom to 1.5 million.

However, thanks to everything from the ten-year absence of hurricanes to the state's "depopulation" program that created incentives for private insurers to start taking on more Citizen's policyholders, this number has since fallen to 450,000.

Understanding the protection provided by D&O insurance - II

Last time, our blog began discussing how many businesses make the strategic decision to purchase directors and officers liability insurance, otherwise known as D&O insurance, to insulate their corporate leaders from liability for claims made against them while serving in this official capacity.

Specifically, we examined how the D&O insurance purchased by everyone from privately held firms and for-profit businesses to non-profit organizations and educational institutions is comprised of elements known as "Sides." We'll continue our examination of this topic in today's post.

Understanding the protection provided by D&O insurance

It goes without saying that for any business, the primary objective is always improving the bottom line, meaning its net earnings. While this, of course, can be accomplished by simultaneously growing revenue and cutting costs, it can also be realized to a certain extent through defensive measures like securing the necessary business insurance policies.

While these business insurance policies safeguard the enterprise itself, it's important to understand that this coverage does not extend to individual company officers, meaning they may be left personally exposed to financial losses stemming from a lawsuit.

Florida's PIP requirement under attack in Tallahassee

As we've documented on this blog, the state's infamous personal injury protection or no-fault requirement, which mandates that all Florida drivers must carry a minimum of $10,000 worth of medical coverage to cover injuries regardless of liability, has long been the subject of scorn, with detractors calling it an unnecessary system that facilitates fraud and results in higher auto insurance premiums.

As we've also discussed on our blog, the PIP requirement has nevertheless managed to hold on for nearly 40 years now despite a cavalcade of bills being introduced over the years calling for its elimination. Recent reports suggest, however, that the end of PIP is perhaps now closer to becoming a reality than ever before.

Are animal sanctuaries required to carry liability insurance?

There are certain attractions here in Florida that hold universal appeal, meaning chances are good that you'll go out of the way to pay them a visit regardless of whether you're a resident, a tourist or even a snowbird. While this, of course, includes the major theme parks, spring training complexes and miles of sandy beaches, it also means historic sites, nature preserves and even animal sanctuaries.

Indeed, our state's perpetually sunny skies and temperate conditions make it a prime location for animal sanctuaries hosting all manner of mammals, reptiles, fish, insects and birds.

Financial analysis firm declines to lower ratings of Florida property insurers

An alarm bell was sounded in the insurance sector last month when Demotech, the Ohio-based independent financial analysis firm, indicated that it was strongly considering lowering the financial strength ratings of six to eight Florida homeowners insurance carriers to below an A.

Why this might not seem like too much of a concern to the average person, it was actually rather distressing news to the 250,000 customers of these insurance carriers, as most mortgage lenders -- including federal lending agencies Freddie Mac and Fannie Mae -- require borrowers to secure homeowners' insurance from an A-rated insurer as a condition of financing.

When a dream home becomes a nightmare because of mold, we can help

As much as times have changed, there's no disputing that one of the primary objectives for most individuals or couples is to move out of their rental property and into a home that they can call their own.

Of course, this was an admittedly more dubious proposition not long ago because of the recession, but things have changed considerably, such that the housing market is now far more stable. Indeed, more and more Floridians are breaking ground on new homes or finding a place to settle down with the help of a realtor. What happens, however, when their dream home becomes an absolute nightmare owing to the presence of hazardous mold?

Insurance to emerge as key topic during 2017 legislative session

It may seem hard to believe, but tomorrow marks the start of the 2017 legislative session, meaning lawmakers in both chambers -- the Florida Senate and the Florida House of Representatives -- will be convening in Tallahassee for what promises to be an entertaining two months.

While they will be addressing such traditional issues as education, health care and, of course, the budget, they will also be tackling some other topics that don't often receive the attention they perhaps deserve or that are entirely novel, including medical marijuana, gambling and, of course, insurance.

Can my car insurance rates go up even if I wasn't to blame for the accident?

Right now, there is currently a vigorous debate taking place in Tallahassee as to whether the longstanding requirement that all motorists carry personal injury protection -- or PIP -- should be repealed. Indeed, much of this push for PIP to go stems from the fact that Sunshine State drivers pay some of the highest insurance premiums in the nation.

As if car insurance wasn't a difficult enough topic already for Floridians given this reality, it's not likely to get much better following the recent release of a study by the Consumer Federation of America, which found that drivers may end up paying more -- sometimes hundreds of dollars more -- for accidents that are not their fault.

Are Florida homeowners finally paying lower insurance premiums?

Those of us who call Florida home thanks to its sunny skies, miles of sandy coastlines, lush greenery and rich diversity are all too aware that our choice of residence often comes at a cost. Indeed, this reality becomes painfully apparent when it comes to homeowners' insurance.

Reports have long shown that Sunshine State homeowners pay some of the highest homeowners' premiums in the nation and a recently released study by the National Association of Insurance Commissioners shows this trend continuing.