In 316, Inc. v. Md. Cas. Co., Case No. 3:07cv528-RS-MD (N.D. Fla. May 21, 2008), an insured, whose commercial building had been damaged by Hurricane Ivan, alleged that its insurer acted in bad faith by refusing to pay for the damages.
Read More Florida Bad Faith – Federal District Court Finds That Policyholder Failed To Sufficiently Plead Punitive Damages Claim
Florida Developments
Florida’s Insurance Commissioner Approves Transfer of 100,000 Citizens Policies to Private Market
By Troutman Pepper Locke on
Florida Insurance Commissioner Kevin McCarty announced last week that the Office of Insurance Regulation (OIR) has approved plans for six insurance companies to remove 100,000 policies from Citizens Property Insurance Corporation, Florida’s state created insurer of last resort. Some of the companies have already begun the take out process, which is scheduled for completion in June. …
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Three Florida Agencies Announce Insurance Settlement with Aon Corp
By Troutman Pepper Locke on
Florida’s Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Insurance Commissioner Kevin McCarty announced on May 23, 2008 that the state reached a settlement with insurance brokerage firm Aon Corp. According to the Florida agencies, Aon had received, and failed to disclose, compensation for placing insurance coverage for Florida policyholders.
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Florida Enacts New Property Insurance Legislation
By Troutman Pepper Locke on
Last month, the Florida Senate introduced S.B. 2860, a comprehensive property insurance bill aimed at protecting property owners from arbitrary and unsupported property rate increases. Florida’s House of Representatives subsequently approved an amended version of the bill, which the Florida Senate adopted earlier this month. The Governor approved the bill on May 28, and it will take effect on July 1, 2008.
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Florida Insurable Interest Bill Passes the House and Senate
By Troutman Pepper Locke on
Before closing its legislative session on May 2nd, the Florida House and Senate unanimously approved Senate Bill 648 (“SB 648” or the “Bill”) addressing insurable interest requirements with respect to life insurance policies. The Bill is different from the NAIC and NCOIL Viatical Settlement Models, but addresses many of the same issues surrounding stranger owned life insurance arrangements (“STOLI”).
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Florida Approves Annuity Suitability Bill
By Troutman Pepper Locke on
Before closing its legislative session on May 2nd, both of Florida’s legislative chambers unanimously approved Senate Bill 2082 (“SB 2082” or the “Bill”) addressing suitability in annuity sales. The Bill is based on the NAIC Suitability in Annuity Transactions Model Regulation, as amended in 2006, which requires that life insurance companies ensure that their annuity products are marketed and sold to suitable parties.
Florida Senate Passes Bill to Reduce Insurers’ Catastrophe Coverage Limits
By Troutman Pepper Locke on
The Florida Senate Banking & Insurance Committee passed legislation last month that would reduce the state-funded reinsurance, which insurers are permitted to purchase in addition to the Florida Hurricane Catastrophe Fund coverage (Cat Fund). The measure, backed by Florida’s Chief Financial Officer Alex Sink, is designed to shed some of the state’s hurricane risk.
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Federal Judge in Florida Rules Underground Storage Tank Policy Cannot Be Rescinded
By Troutman Pepper Locke on
A federal district court judge in Florida recently ruled that an insurer cannot retroactively rescind a liability policy insuring underground storage tanks (“USTs”) for an alleged material misrepresentation in the policy application. Rather, the only remedy for such a misrepresentation is the denial of coverage for future claims. …
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Florida Federal Court Finds Duty to Defend and Indemnify Mold-Related Claims Despite Policy’s Mold Exclusion and Anti-Concurrent-Cause Provision
By Troutman Pepper Locke on
A Florida federal court recently found that, despite a mold exclusion and anti-concurrent-cause provision in the relevant commercial general liability policy, an insured was entitled to defense and indemnity for claims relating to mold infestation.
Comparative Bad Faith Defense Not Available in Florida Suit Between Primary and Excess Insurers
By Troutman Pepper Locke on
In what appears to be a matter of first impression in Florida, a federal Magistrate Judge in the Southern District of Florida denied the comparative bad faith and comparative negligence defenses in an excess insurer’s bad faith claim against a primary insurer.