Florida Insurance Crisis Reverses with Reforms

Florida’s property insurance landscape continues to evolve. Governor Ron DeSantis recently told insurers that the state’s legal reforms are beginning to yield results, citing declining lawsuits, moderating rate requests, and renewed market competition. With 17 new insurers entering the state and rate reductions outpacing increases, the changes could mark a pivotal moment for both the industry and policyholders. While the reforms have reduced litigation volume and encouraged more private carriers to re-enter the market, challenges remain including inflation, reinsurance costs, and catastrophic storm risks. For Florida homeowners, understanding how these developments affect coverage and claims will be critical moving forward. 👉 Read more about the state’s insurance market changes: https://lnkd.in/evxxTsDw #FloridaInsurance #InsuranceMarket #InsuranceReform #BoggsLawGroup #HomeownersCoverage

Insurance Disputes: Between the Principle of Trust and the Challenges of Proof An insurance contract is, by nature, built on mutual trust between the insurer and the insured. Yet behind this trust lie some of the most complex disputes, often arising from disagreements over the scope of coverage, the interpretation of ambiguous clauses, or the accuracy of the declarations made at the time of contracting. Insurance disputes generally appear in three main forms: 1. Disputes concerning whether the insured risk has actually occurred, such as car accidents, fires, or medical errors. 2. Disputes about the extent of financial liability, including the amount of compensation or the degree of responsibility. 3. Disputes regarding the validity of the contract itself, such as concealment or omission of material facts. From a judicial perspective, courts tend to interpret insurance contracts narrowly when ambiguity exists, often to protect the insured as the weaker party. At the same time, the insured is obliged to act with complete honesty during the contracting process, in accordance with the principle of good faith, which is the cornerstone of every insurance agreement. Managing insurance disputes requires a delicate balance between ensuring fairness to the insured and maintaining the stability of the insurance market. Compensation should not become an unjustified burden, nor should contractual terms lose their meaning through overly broad interpretation. Ultimately, transparency at the time of contracting, clarity of policy terms, and adherence to legal and jurisprudential principles remain the key pillars for reducing insurance disputes and restoring confidence in this vital sector.

Goldberg Segalla partner David Brown was quoted extensively in a Law360 article examining the persistent challenges facing the commercial auto insurance sector. According to a recent AM Best report, the industry has posted underwriting losses for 14 consecutive years. Co-chair of the firm’s Global Insurance Services practice group, David offers insight into why rate increases alone are not enough, and what insurers must do to navigate rising litigation costs and prolonged claims.

Goldberg Segalla partner David Brown was quoted extensively in a Law360 article examining the persistent challenges facing the commercial auto insurance sector. According to a recent AM Best report, the industry has posted underwriting losses for 14 consecutive years. Co-chair of the firm’s Global Insurance Services practice group, David offers insight into why rate increases alone are not enough, and what insurers must do to navigate rising litigation costs and prolonged claims.

Goldberg Segalla partner David Brown was quoted extensively in a Law360 article examining the persistent challenges facing the commercial auto insurance sector. According to a recent AM Best report, the industry has posted underwriting losses for 14 consecutive years. Co-chair of the firm’s Global Insurance Services practice group, David offers insight into why rate increases alone are not enough, and what insurers must do to navigate rising litigation costs and prolonged claims.

Goldberg Segalla partner David Brown was quoted extensively in a Law360 article examining the persistent challenges facing the commercial auto insurance sector. According to a recent AM Best report, the industry has posted underwriting losses for 14 consecutive years. Co-chair of the firm’s Global Insurance Services practice group, David offers insight into why rate increases alone are not enough, and what insurers must do to navigate rising litigation costs and prolonged claims.

Goldberg Segalla partner David Brown was quoted extensively in a Law360 article examining the persistent challenges facing the commercial auto insurance sector. According to a recent AM Best report, the industry has posted underwriting losses for 14 consecutive years. Co-chair of the firm’s Global Insurance Services practice group, David offers insight into why rate increases alone are not enough, and what insurers must do to navigate rising litigation costs and prolonged claims.

Small businesses often hesitate to file insurance claims, even when coverage could provide critical support. Concerns about higher premiums, unclear policy terms, and the perception that claims should be avoided drive this reluctance. Insurance is meant to be used. It is a central part of resilience and effective risk management. In Insurance Business Canada, Tang Trang, Vice President of Small Business Insurance at TD Insurance, outlines why this hesitation persists and what the industry can do to close the gap between coverage and use.

Other than Public Liability policies, there are policies that refer to a sum insured versus a limit of indemnity. When it comes to a sum insured under a policy, the Insurer/Underwriter should have an Automatic Reinstatement clause included. #TrustedEngineeringInsurance #Consort #Reinstatement #SumInsured #Deductibles #AggregateDeductible #ResidualDeductible #ConsequentialLoss • • • • Consort Technical Underwriting Managers (Pty) Ltd is an Authorised Financial Services Provider (FSP 2273) and underwritten by Lombard Insurance Company Limited (FSP 1596) an Insurer licensed to conduct non-life insurance business. https://lnkd.in/dgcpA2q6

Canadian property and casualty (P&C) insurance brokers looking to take advantage of the best commission rates should be seeking new business in commercial lines, followed by new business in personal lines, according to a new report from Smythe LLP.