The Florida legislature met in a special session this week to pass laws that will correct the latest insurance crisis in Florida. Insurance rates are skyrocketing, insurers are going broke, and Florida insurers are not fully paying claims—some are not
States have different laws that apply to property insurance contracts. This blog writes about the variances of those state laws all the time. For example, in Florida, absent a provision in the insurance policy, judges will rule that the place
Agents and carriers don’t tell their customers that they’ll inspect to see if they ever wanted to insure them in the first place after issuing a policy. In California, the law gives this right to residential and commercial carriers. In
The two blogs which I have written over the weekend, Replacement Cost Policies Were Originally Illegal Out of Concern For Fraud and Arson and Should Depreciation Be Taken On Partial Losses Requiring Only Repair?, deal with older form
When I was a young attorney, one of the issues which always came up at property insurance adjuster conferences was whether it was appropriate to take depreciation when only a repair was needed to a partial property loss. This adjustment
The typical property insurance policy allowing for replacement cost valuation is often taken for granted today. A hundred years ago, the product was commercially unavailable. Concerns for incenting the policyholder to commit fraud and arson was a primary concern disallowing
A lawsuit filed by the Restoration Association of Florida has accused Florida’s Insurance Commissioner, David Altmaier, of acting in concert with the insurers he regulates to unconstitutionally approve an insurance companies forms which allow for arbitration but not a lawsuit
Almost all property insurance policies require that the insured “assist and cooperate” in an insurer’s investigation. If an insured fails to “cooperate,” an insurer may have the right to deny a claim. However, the insurer cannot demand that an insured
A History of the Insurance Company of North America was written in 1885. The book has a copy of a 1793 marine insurance policy with standard language containing an insurance clause:1
Ever get so curious about something that is not so meaningful, but you just have to know the answer to satisfy your curiosity? I have been on a very nerdy quest about older appraisal clauses in property insurance policies because