Doing Business in Florida Blog

The Clock is Ticking on Your Hurricane Irma Loss

August 12, 2018
Christopher B. Choquette  |  Hurricane Preparedness, Insurance

The upcoming date of September 10, 2018 is an important one for Florida’s policyholders as it is the anniversary of Hurricane Irma. It also means policyholders only have two more years to report their Hurricane Irma claim, supplemental claim, or re-opened claim. In 2011, Florida’s legislature passed a law that limited the amount of time for insureds to

What if Your Insurance Company Goes Under?

August 8, 2018
Gina Clausen Lozier  |  Florida Insurance Guarantee Association, Homeowner, Insurance

With Florida’s largest homeowner’s insurance company scoring a D rating in a recent financial analysis, many may be left wondering what happens in the event their insurance company is unable to pay their claims. To protect policyholders during an insurance company’s financial collapse, the legislature created the Florida Insurance Guaranty Association

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

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

Irma by the Numbers: The Claim Count Continues to Grow

June 17, 2018
Christopher B. Choquette  |  Hurricane Preparedness, Insurance

On June 12, 2018, the Office of Insurance Regulation (“OIR”) released an update on Hurricane Irma claims data received by insurers. The total number of reported Hurricane Irma claims has reached 978,767 with losses totaling an estimated $9,701,252,056. Of those claims, OIR reports that 823,733 are for residential properties and 58,544 for commercial

Are You Caught in the Storm?: What Bankruptcy Trustees Need to Know About Hurricane Claims

June 17, 2018
Ilyse M. Homer  |  Bankruptcy Litigation, Hurricane Preparedness, Insurance

On the heels of last year’s Hurricane Irma, everyone is mindful about the upcoming 2018 hurricane season. Last year, Hurricane Irma hit Florida and left about 65% of the state without power. In the months following the storm, businesses in the affected areas often struggled to recover, and it was a more difficult process for some more than for others.

Environmental Insurance Coverage: Now you have it – now you don’t

June 14, 2018
Dawn M. Meyers and Gina Clausen Lozier  |  Environmental, Insurance

In the transactional world, it has long been standard operating procedure to conduct due diligence and, should environmental conditions be found, contract around them through the use of indemnifications.  With a booming economy, though, sellers in a seller’s market have grown less willing to offer indemnification, pushing buyers into the realm of