Articles by Michael Adams

Plenty of Questions Remain About Citizens Clearinghouse

Florida’s state-backed property insurer has begun submitting renewal policies through its online clearinghouse to private carriers, but agents believe the process still needs refinement. Citizens Property Insurance Corp. in September started to funnel all HO-3 residential multi-peril policies that have …

Florida’s Parasailing Insurance Law Takes Effect

Florida parasailing operators are now required to have up to $2 million in liability coverage under a new law that took effect Oct. 1. The White-Miskell Act regulates the state’s estimated 100 commercial parasailing operators that offer thrill seekers the …

Florida Workers’ Compensation Insurers Seek Bigger Rate Cut

Florida’s workers’ compensation insurers, already on record recommending an average 2.5 percent cut in rates, now say that a 3.3 percent cut is justified. The modification in the industry’s rate filing by the National Council on Compensation Insurance (NCCI) rating …

Florida’s Citizens Pays Off Bond, Drops Surcharge 2 Years Early

Florida’s state-backed property insurer will stop collecting a one-percent assessment that had been used to retire a bond issued following the 2004-2005 hurricane season. The Citizens Property Insurance Corp. board of directors decided the insurer will have the necessary funds …

Insurer to Pay for Florida Gators-Idaho Vandals Cancelled Game

The University of Florida’s Athletic Department is scheduled to collect $1.8 million under a Lloyd’s of London insurance policy that covers the loss of ticket revenue in the event a home game is cancelled. The University of Florida Gators were …

Florida Approves Rate Cuts for Citizens Property Customers

Florida’s insurance regulator has approved rate decreases for policyholders of Citizens Property Insurance Corp. The approval means for the first time in five years a majority of the state-backed insurer’s 998,800 policyholders will see rates go down on average. Florida …

Florida Weighs 2.5% Workers’ Comp Rate Decrease

Florida workers’ compensation writers have recommended a 2.5 percent rate decrease for 2015. The Office of Insurance Regulation has received the filing by the National Council on Compensation Insurance (NCCI), which if approved, would mark the first decrease in four …

Judge’s Ruling Leaves Florida Workers’ Comp System in Limbo

Business interests are expected to appeal a recent ruling by a Florida circuit court judge that the state’s workers’ compensation law is unconstitutional because it no longer provides adequate benefits to injured workers giving up their right to sue. Florida …

Florida’s Citizens No Longer ‘Out of Control,’ Says Exec Defending Rate Cut

Its successes in reducing its insured population and securing low cost catastrophic coverage are driving the request by Florida’s state-backed property insurer for a statewide average 2.9 percent decrease on residential policies. Citizens Property Insurance Corp. officials in a public …

Florida’s Flood Agency Stops Writing New Business in Tampa Bay Region

One of the first entities to step forward and provide private flood insurance in Florida has announced it will stop writing new business in the Tampa Bay region in order to manage its exposure. The Flood Agency, which offers private …