Breaking News: Florida Supreme Court Affirms in U.S. Fire v. JSUB Case
The Florida Supreme Court has just issued its opinion in U.S. Fire v. J.S.U.B., No. SC05-1295 (Fla. Dec. 20, 2007).
Read MoreTopic: Florida Developments
Florida to Change Foreign Reinsurer Collateral Requirements
As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states. New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.
Read MoreFlorida Workers’ Compensation Rate Decrease Approved
As of January 1, 2008, the workers’ compensation rate in the State of Florida will decrease by 18.4%. On October 22, 2007, Florida Insurance Commissioner McCarty requested the National Council on Compensation Insurance make an amended filing to increase the originally proposed 16.5% reduction, as previously reported about here. Commissioner McCarty believes the rate reduction will save Florida employers over $700 million. To view a copy of the press release, click here.
Federal District Court Holds “Known Loss” Exclusion Does Not Apply to Mold Damage Resulting From Faulty Roof Repair
In Transportation Insurance Company v. The Regency Roofing Companies, Inc., C.A. No. 05-80830 (S.D. Fla. Oct. 2, 2007), the United States District Court for the Southern District of Florida recently ruled that the “known loss” exclusion in a commercial general liability (“CGL”) policy did not preclude coverage for mold related injuries that arose from the insured’s faulty roof installation and repair.
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Coverage for Additional Insured Limited to Vicarious Liability
In Garcia v. Federal Ins. Co., No. SC06-2524 (Fla. Oct. 25, 2007), on two questions certified by the Eleventh Circuit, the Florida Supreme Court recently held that an employer’s insurance policy was not ambiguous and that it covered an employee, as an additional insured, only when the employee was vicariously liable for her employer’s conduct.
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Other States Contemplate Following N.Y.’s Lead to Change Foreign Reinsurer Collateral Requirements
In the wake of New York Superintendent Eric Dinallo’s announcement that New York was changing the rules surrounding collateral requirements for foreign reinsurers, it was reported last week that several other U.S. states are contemplating similar changes.
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Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London
US law firm Edwards Angell Palmer & Dodge LLP (“EAPD”) and Kendall Freeman of London today announced a plan to merge effective January 1, 2008.
Florida’s Valued Policy Law – The Florida Supreme Court Weighs In
In a greatly anticipated opinion, the Florida Supreme Court recently clarified the Valued Policy Law (“VPL”), §627.702(1), Fla. Stat. (2004). Florida Farm Bureau Casualty Ins. Co. v. Cox, No. SC06-2494, 2007 WL 2727072 (Fla. S. Ct. Sept. 20, 2007). The Court considered whether the VPL required an insurer to pay the face value of the policy for a “total loss” caused, in part, by a covered peril and, in part, by a non-covered peril.
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Florida Proposes Catastrophe Fund Reform
As discussed here, Florida established a Hurricane Catastrophe Fund (“CAT Fund”) in November 1993, to protect and advance the state’s interest in maintaining insurance capacity, by reimbursing insurers for a portion of their catastrophic hurricane losses.
Read MoreFlorida Issues Subpoena to Insurer in Investigation into Whether Federal and State Antitrust Laws are Being Broken
On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations. The subpoena calls for the testimony to take place on January 15-16, 2008.
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