John David Dickenson and Chad A. Pasternack | Property Insurance Law Observer For the fourth time since 2019, the Florida Legislature has enacted property insurance reforms aimed towards stabilizing a beleaguered insurance market. The bill, S.B. 2-A, creates a reinsurance assistance program, establishes additional oversight for insurers with high volumes of hurricane claims, and reforms many… Continue reading Florida Begins New Era with Major Property Insurance Reforms
Tag: Property Insurance
5 Trends to Watch in 2023: Florida Property Insurance
Christian Brito, Fred E. Karlinsky and Timothy F. Stanfield | Greenberg Traurig State-run Insurer Could See Fewer Policies, But No Rate Relief Likely for Homeowners – Provisions in the massive overhaul of the state’s insurance law passed in late December are designed to help Citizens Property Insurance shed policies in the coming months. The policy count… Continue reading 5 Trends to Watch in 2023: Florida Property Insurance
Implementing “Highly Protected Risk” Programs Will Lower Property Insurance Costs
John Canepa, Sr. | Woodruff Sawyer “Highly protected risk” (HPR) is an insurance industry term referring to a risk that has been controlled and managed through various measures. The International Risk Management Institute describes a as one that is subject to a much lower than normal probability of loss. This could be by virtue of… Continue reading Implementing “Highly Protected Risk” Programs Will Lower Property Insurance Costs
Five Property Insurance Warning Signs and What to Do About Them
Chris Scheffler | Woodruff Sawyer Replacement value is the main factor to consider when determining property program limits. The Construction, Occupancy, Protection, and Exposure (COPE) features of the building also impact the cost, availability, and terms of property insurance. In this article, we examine five site conditions that have the biggest impact on the risk… Continue reading Five Property Insurance Warning Signs and What to Do About Them
Insurers May Rethink Property Risk After Unprecedented Losses From Riots
Jim Sams | Claims Journal The civil disturbance that started in Minneapolis after the killing by police of George Floyd spread to 20 other states — an unprecedented property insurance catastrophe that will likely impact policy renewals and could even persuade some insurers to exclude coverage for damage caused by riots, executives for Verisk’s Property… Continue reading Insurers May Rethink Property Risk After Unprecedented Losses From Riots