Articles by Michael Adams

Florida Frets That With Proposed Rate Cut, Citizens Could Be Too Competitive

Florida’s state-backed property insurer’s proposed rate reduction is raising questions about whether it will make the insurer competitive with the private market. Citizens Property Insurance Corp. recently proposed 2015 rates that include a statewide average 2.9 percent rate decrease on …

South Carolina Workers’ Compensation Loss Costs Cut

South Carolina employers should see their workers’ compensation premiums go down this year since regulators have approved an average 7.4 percent decrease in the state’s loss costs. Director of Insurance Ray Farmer approved the new rates, which are scheduled to …

South Carolina Workers’ Compensation Costs Set to Decrease

South Carolina employers could see their workers’ compensation premiums go down later this year after regulators approved an average 7.4 percent decrease in the state’s loss costs. Director of Insurance Ray Farmer has approved the new rates, which are scheduled …

Private Insurers Taking to South Carolina Coast; Windpool on Decline

More private insurers are selling wind coverage to South Carolina coastal property owners, leading to a decline in the population of the state’s windpool. The South Carolina Wind and Hail Underwriting Association reports that it is seeing a moderate decline …

No New Rights in Florida’s Homeowners’ Bill of Rights

Florida’s passage of a homeowners’ claims bill of rights left few satisfied after lawmakers largely codified current law while avoiding controversial issues such as the practice of policyholders assigning their claims payments to contractors. The bill of rights was a …

Florida Private Flood Bill Now Law But Market May Take a While to Develop

Florida Gov. Rick Scott has signed legislation designed to encourage private insurers to offer flood insurance, but the industry is tamping down expectations that it will result in a viable market in the near future. The legislation creates a statutory …

Florida Judge Approves Deal for Heritage to Assume Sunshine State Policies

A Florida judge has signed-off on a plan by regulators to allow a failed Florida property insurer’s policyholders to be assumed by another company, although policyholders will retain the option to seek coverage elsewhere. Leon County Judge Kevin Carroll on …

Florida’s Sunshine State Insurance Insolvent; UPC to Assume Policies

Florida regulators have taken over an insolvent domestic residential property insurer, but a deal is in the works for another private company to assume the insurer’s 37,000 policies. A Leon County Circuit Court judge issued an order earlier this week …

Florida’s Citizens Readies $1.5 Billion Catastrophe Bond Deal

Florida’s largest property insurer is preparing to transfer $3.1 billion in risk through a combination of reinsurance catastrophe bonds, including a $1.5 billion deal that is the largest of its kind on record. The Citizens Property Insurance Corp. board of …

Florida Court: ‘Exploding Corpse’ Not Covered Under Property Policy

A Florida circuit court has found that a condominium owner’s property policy did not include coverage for the “explosion” of an advanced decompose body since it did not fall under a name peril listed in the insured’s policy. Florida’s Fourth …