Doing Business in Florida Blog

Legislature Takes Little Steps in 2018 to Reform Assignment Law

August 7, 2018
Christopher B. Choquette  |  Insurance

Assignments of Benefits (or AOB’s) have been a thorn in the side of insurance companies for the past several years. For those unfamiliar with the practice, certain professionals such as emergency mitigation contractors will require an assignment of insurance benefits from homeowners before they perform any services. Once the company completes their

Policy Changes Upon Renewal

August 6, 2018
Gina Clausen Lozier  |  Insurance

Upon your insurance policy renewal, you may recall receiving a letter from your agent or insurance company outlining the changes to your policy for the renewal term. As an example, my insurance company recently advised me that I no longer have coverage for damages caused by “marsupials”. While this small change may seem insignificant, insurance companies

Mandatory Mediation and Your Property Insurance Claim

August 5, 2018
Christopher B. Choquette  |  Hurricane Preparedness, Insurance

The mounting number of property insurance claims following Hurricane Irma has provided new challenges for Florida’s insurance companies. With close to one million hurricane claims filed across the state, insurance companies are looking towards alternative methods to resolve claims. As an alternative to litigation, insurance companies are increasingly

Did Your Insurance Company Pass the Grade?

August 1, 2018
Christopher B. Choquette  |  Hurricane Preparedness, Insurance

Weiss Ratings, an independent ratings agency, released its 2018 grades for property insurance companies doing $100 million or more premium business in Florida. The ratings are based on whether the insurance company is financially prepared for the 2018 hurricane season. The insurers that scored a Weiss Safety Rating of “A” include Cincinnati Insurance Co.

Remembering Hurricane Irma

July 31, 2018
Michael J. Higer  |  Hurricane Preparedness, Insurance

Here we are just about one month away from the one year anniversary of the hurricane known as Irma. As it approached the southern tip of Florida, it roared with the ferocity and breadth of the monster of all hurricanes. Even though it quieted somewhat by the time it made landfall in Cujo Key, it was still a devastating Category 3. Thereafter, it literally

Income Share Agreements and Higher Education

July 11, 2018
James Sattin  |  Education, Higher Education, Income Share Agreements

Knowledge is power. But what is knowledge worth? The Income Share Agreement (“ISA”), an old idea but increasingly popular financing model for higher education in America, is attempting to provide an answer. If one considers that the ISA market (both direct and secondary) is expected to rise to billions of dollars in just a few years, ISAs are worthy of

What Now? LIBOR to be Phased Out by 2021

June 28, 2018
Joshua B. Brandsdorfer  |  Financial Institutions, Financial Services Regulatory

The United Kingdom Financial Conduct Authority has announced it will phase out the London Interbank Offered Rate (LIBOR) by 2021, putting an end to the governing global borrowing index which, for the last 50 years, has supported trillions of dollars in financial instruments. LIBOR is a figure determined daily by a select group of creditworthy

The Business of Marijuana and How it Will Affect the Real Estate Market

June 26, 2018
Jeffrey R. Margolis  |  Real Estate

Florida, along with 28 other states, have legalized marijuana for medicinal purposes. In addition, nine states and the District of Columbia have legalized marijuana for recreational use. The growth of the legal cannabis industry is proving to be big business, not only for growers and sellers, but also for owners of real estate serving the industry. The

Hurricane Preparedness Should Include a Plan to Protect Critical Data from a Security Breach

June 21, 2018
Gina Clausen Lozier  |  Hurricane Preparedness, Insurance

As hurricane season resumes for 2018, businesses should prepare for disruptions to networks, critical databases, as well as electrical power sources, telecommunications systems, and other utilities which can compromise or destroy critical infrastructure and trigger significant losses. Businesses should also take stock of their insurance coverages and

Wind-Driven Rain Insurance Coverage: A Post-Irma Review

June 21, 2018
Christopher B. Choquette  |  Hurricane Preparedness, Insurance

Over the last few years, Florida policyholders have seen an increasing trend of insurance companies relying on wind-driven rain exclusions. Many policies now exclude rain damage to the interior of a home or business unless an “opening” first occurs in the roof from wind or hail. Commonly, the insurance company will argue it is an insured’s burden to prove

Hurricane Damage Caused by Flying Debris. Who’s Liable?

June 21, 2018
Nicole Levy Kushner  |  Dispute Resolution, Hurricane Preparedness

The 2018 hurricane season has officially arrived. Damage caused by flying debris is one of the major threats associated with a hurricane. Securing loose items on your property should be part of your standard preparation when a high wind storm is approaching. But what happens when an item becomes a flying projectile during a storm causing damage to yours

Repairing Your Home or Business After a Hurricane: Know Building Code Requirements

June 21, 2018
Jeffrey Scott Bartel  |  Government and Regulatory, Hurricane Preparedness

Whether you ride out the next hurricane or evacuate to a safer location, invariably one of the first things property owners will do after the storm is inspect their homes and business locations that were in the hurricane's path for damage. Prior to the storm, it is, of course, prudent to record “time-stamped” photos and videos of the interior and