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Insurance Industry News : Detecting Insurance Industry Confessions

The Texas Windstorm Insurance Association wants a judge to give it immunity against paying attorneys’ fees, penalties, interests and other expenses beyond actual damages in litigation claiming it acted in bad faith or maliciously in dealings with policyholders. In Bakht Khattak vs. Texas Windstorm Insurance Association, the insurer is seeking sovereign immunity, which means it…

Weak Economy Increases Need For Leasehold Interest Protection

Commercial property vacancies are on the rise across the country. Google Raymond Torto, Ph.D., CRE, and read some of his predictions for commercial real estate over the next several months. Torto, Global Chief Economist for CB Richard Ellis Co., paints a less-than-pretty picture for commercial property owners and landlords. Landlords are losing tenants; and empty…

The Growing Trend and Problem of Contractors Adjusting Claims for Policyholders : Property Insurance Coverage Law Blog

The Florida Association of Public Insurance Adjusters Annual Convention starts today. I have been asked to speak to their Board of Directors this afternoon regarding their concerns about restoration companies and repair contractors acting as policyholder representatives in the negotiation and settlement of insurance claims. It is a growing trend and one which generally is…

Citizens loses condo court case

DAYTONA BEACH — For the second time in less than a year, a jury on Tuesday found that state-run Citizens Property Insurance Corp. should pay owners of a local condominium for damages sustained during Hurricane Frances in 2004. Owners of the 18-story, 124-unit Inlet Condominium in New Smyrna Beach were awarded $3.3 million for damages…

Attorney General files lawsuit against six large insurance companies alleging price-fixing

Attorney General Charles Foti filed a lawsuit in Orleans Parish Civil District Court late Wednesday alleging collusion, price-fixing and anti-trust violations by six major insurance companies – including Allstate and State Farm – as well as the firms that manufacture their claims-processing software, and the companies that offer them advice or collect their data. The…

Florida Gov. Crist Signs Citizens Insurance Rate Hike Bill Into Law

Florida Gov. Charlie Crist has signed legislation that will increase property insurance rates by 10 percent annually on more than one million customers of the state-backed Citizens Property Insurance Corp. and gradually reduce the exposure of the state’s hurricane insurance fund. Crist signed the bill (HB 1495) yesterday along with 30 other bills without any…

10 Things Your Home Insurer Won’t Tell You

“We have our own caste system.” Sam Mayer, a physician in suburban Chicago, had insured his home, car, and life with Metropolitan Life Insurance Company for 10 years without ever filing a single claim, until a damaged roof and a burglary led to two legitimate claims totaling $3,000. Mayer promptly installed a new home-security system.…

Only 2 Florida Domestic Insurers Lose Demotech Ratings Thus Far

Two domestic property insurers no longer writing in the state — one by choice, the other forced– are the only two Florida insurers negatively affected thus far by a rating agency’s review of small domestic insurers. In a May 21 report, actuarial services and rating firm Demotech, which specializes in rating newer insurers including the…

Homeowners Insurance and Earthquakes, Landslides, Hurricanes

Earthquake, expansive soil, flood, hurricane, landslide and subsidence damage usually not covered! “All Perils” Means:   Learn About the Geology Every year in every state many property owners discover that their homeowners insurance policy will not pay when their homes are damaged by common geological processes such as earthquakes, expansive soils, floods, hurricanes, landslides and subsidence.…

People’s Trust Insurance Company Memo

MEMO To: All Florida Agents From: The Florida Association of Insurance Agents Subject: The Truth about People’s Trust Several months ago, FAIA began receiving complaints that an insurance company, whose advertising was critical of agents, may also be misrepresenting its price, or the reasons for that price, in potential violation of §626.9541, F.S.—Unfair methods of…

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