On Tuesday, September 12th, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to “freeze any and all efforts” to increase property insurance rates. In addition, Governor Scott stated that policyholders who had their coverage canceled or non-renewed in the days leading up to Hurricane Irma should receive a 90-day
Read More Florida Governor Scott Orders Freeze on Property and Casualty Rate Increases
Tom Bohac
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Senate Passes Bill Proposing Three Month NFIP Extension
By Tom Bohac & Troutman Pepper Locke on
On Friday, September 7th, the Senate passed a bill increasing the disaster aid within the National Flood Insurance Program (the “NFIP”) to $15 billion. The NFIP was initially established in 1968 to provide flood coverage to properties located in flood zones, as a response to flood insurance becoming too costly…
Read More Senate Passes Bill Proposing Three Month NFIP Extension
London Direct and Facultative Market Affected by Harvey
By Tom Bohac & Troutman Pepper Locke on
Hurricane Harvey has caused significant exposure for those owning habitational accounts in London’s direct and facultative (“D&F”) market. Habitational coverage insures commercial residential properties, and each habitational account could cover hundreds of properties. Before Hurricane Harvey, many underwriters believed Texas habitational premiums were underpriced, which in turn led to reinsurers…
Read More London Direct and Facultative Market Affected by Harvey