The Florida legislature has released its multi-faceted proposals for reforming Florida’s property insurance market. The proposed legislation includes temporarily expanding available capacity from the Florida Hurricane Catastrophe Fund, incentivizing loss mitigation through windstorm protective devices, increasing regulatory oversight for distressed insurers, and curbing Florida’s litigation crisis by rebalancing attorneys’ fee incentives. To effectively address Florida’s […]
The Florida Supreme Court recently decided by a 4-3 vote to dismiss its review of Restoration 1 of Port St. Lucie v. Ark Royal Insurance Company. Interestingly, the three justices in the minority were Governor DeSantis’ recent appointees. The majority was comprised of four justices who were on the court when it accepted the case. The […]
Florida’s 4th District Court of Appeal in Restoration 1 of Port St. Lucie v. Ark Royal Insurance Company determined that an insurer may require approval of all insureds and the mortgagee before an assignment of benefits is valid. This ruling differs from a conclusion reached by the 5th DCA last year after the Office of […]
The 5th District Court of Appeal dealt another setback to insurers dealing with the “assignment of benefits” issue that continues to lead to rising insurance rates and restricted capacity in some areas of the state. The latest in a string of adverse judicial decisions came last week in Restoration 1 CFL, LLC v. ASI Preferred […]
