LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
Florida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state.
Read MoreTopic: Florida Developments
Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims
In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, business interruption policies require that a business suffer some sort of physical loss or damage before the carrier will pay-out on a business interruption claim.
Read MoreLL Surplus Lines Series (Entry 12): Florida Embraces Surplus Lines Modernization
On Tuesday, June 18th, Florida Gov. Ron DeSantis signed into law House Bill 301 (the “Bill”), an insurance omnibus package aimed at modernizing the state’s surplus lines industry.
Read MoreLL Surplus Lines Series (Entry 9): Florida and California Make News on Broker and Agent Fees
Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. Instead of the old cap of a maximum of $35 per policy, surplus lines brokers will be able to charge any fee that is “reasonable” and disclosed to the insured in advance.
Read MoreLL Surplus Lines Series (Entry 5): 2019 WSIA Spring Surplus Lines Law Group Meeting Recap and Summary of Trends
The Surplus Lines Law Group held its spring meeting on Friday, April 5 in Biloxi, Mississippi. A number of presentations were given at the meeting, including updates on the trends around the nation with respect to the diligence search requirement, international tax and cybersecurity issues, as well as a presentation by this author as to the challenges surrounding placing group insurance coverage on a surplus lines basis (including unique hurdles applicable to risk purchasing groups).
Read MoreMidterm Elections—Florida and Georgia Update
As we noted last week in our QuickStudy 2018 Statewide Elections: A Mixed Bag for Insurers?, elections for Governor of Florida and Georgia and Georgia Insurance Commissioner were too close to call.
Read More2018 Statewide Elections: A Mixed Bag for Insurers?
All eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.
Read MoreReminder – You are invited to a Complimentary CLE Webinar for Clients and Friends of Locke Lord LLP
This program will discuss the 2017 amendments to Florida’s Viatical Settlement Act that became effective June 26, 2017, and the myriad of challenging issues presented by the amendment. We will also provide a brief update on Delaware’s amendments to its Viatical Settlements Act.
Read MorePlease Join Us for a Locke Lord Webinar – Dissecting the Amendments to Florida’s Viatical Settlement Act – December 20
You are invited to a Complimentary Webinar for Clients and Friends of Locke Lord LLP
Read More2017 Hurricane Season the Costliest on Record
The 2017 United States Atlantic hurricane season, which officially ended on November 30, was the most expensive ever according to one report. Disaster modelers Chuck Watson and Mark Johnson concluded that total damages for the season, which included Hurricanes Harvey, Irma and Maria, topped $202 billion.
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