It’s been nearly a week since Hurricane Matthew ravaged the Southeast coast but the insurance industry’s job of responding to the devastation and assessing the total cost of damage from the storm is just beginning. With flood waters still rising in North Carolina, the industry is expecting to feel the effects of the storm for [...]
The May issue of the Latin American Association of Insurance Agencies (LAAIA) Broward Chapter newsletter contains the following article, which describes the ongoing assignment of benefits (AOB) issues and is authored by FPCA Executive Director William Stander. Click here to view the full LAAIA Newsletter
With the 2016 legislative session completed, the Florida Legislature has failed to pass a meaningful solution to the assignment of benefits crisis that is now rapidly spinning out of control. Organized and carried out by a handful of vendors and lawyers, this kickback-driven lawsuit-for-profit scheme is already punishing homeowners with higher rates, and threatens to [...]
"We stand ready to work with the new commissioner, whomever that will be," said William Stander, executive director of the Florida Property & Casualty Association. Read more from the Sun-Sentinel here
South Florida property owners can expect property insurance rates to increase because the Florida Legislature failed to enact laws to curb abuses by contractors and trial attorneys, two insurance industry trade associations are saying. Read more from the Sun-Sentinel here
Insurance companies and their allies lamented Friday that state lawmakers neared the end of their session Friday without addressing water-damage claims they say are inflating costs. “Even without a hurricane making landfall, property insurance rates are set to skyrocket,” benefitting “a small group of greedy vendors and their lawyers,” said a statement from the Florida [...]
“The legislature’s failure to directly address the assignment of benefits crisis will allow runaway claims to spiral further out of control,” said William Stander, executive director of the Florida Property & Casualty Association. “Coupled with the approaching hurricane season, which brings its own uncertainties, the potential for higher rates is palpable.” Read the entire blog [...]
Gov. Rick Scott and Cabinet members voted Tuesday to bolster the state's catastrophic insurance fund with $2.2 billion of added coverage in advance of what forecasters predict will be another quiet hurricane season in Florida. Read the entire article here
Lawmakers’ plans to reduce state-run Citizens Property Insurance Corp.’s exposure continue apace. Read the entire article here.
In their zeal to shed policies in the state-run Citizens Property Insurance, the Florida Senate is poised to approve a bill that gives homeowners a low-cost — though unregulated — insurance alternative. Read the rest of the article here.