Topic: Florida Developments

Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers

As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market.

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The Florida Supreme Court Takes the “Self” Out of “Self-Insured Retention” and Rules that the Insured’s Self-Insured Retention Can Be Satisfied by Payment by Someone Other Than the Insured

In Intervest Construction of Jax v. General Fidelity Ins. Co., the Florida Supreme Court considered insurance policy language that called for a self-insured retention to be exhausted by “payments made by the insured.” 

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Insurance Regulators Launch Investigation into Lack of Premium Reductions for Florida Homeowners Given Reduced Costs in the Reinsurance Market

By letter dated October 29, 2013, Florida Chief Financial Officer Jeff Atwater inquired with the Florida Office of Insurance (“OIR”) as to why insurance rates have not been reduced for many Florida homeowners given that reinsurers have lowered their rates. Atwater requested a response to the inquiry by December 18, 2013. 

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