Tradespeople who call themselves and their workers “independent contractors” have long been an issue for the workers’ compensation industry, often cutting carriers out of premium and leaving injured workers without coverage. Some in the industry now worry, though, that at …
At a recent workshop held by the Florida Office of Insurance Regulation, a claims specialist for USAA summed up the conundrum that property insurers are about to face when asked to report the other side’s legal fees in claims disputes. …
Weston Property & Casualty Insurance Co. is insolvent and should be placed into receivership, making it the fifth Florida property insurer this year to be dissolved, according to state regulators. The Florida Office of Insurance Regulation on Tuesday filed notice …
The Demotech financial review firm has withdrawn the stability ratings for two more property insurance companies, Bankers Specialty Insurance and First Community, both part of Bankers Insurance Group. The companies are headquartered in Florida but write mostly in Louisiana. In …
Just two weeks after the Demotech financial rating firm set off a firestorm of controversy by warning that it could soon downgrade as many as 17 Florida property insurers – then promised to hold off – the firm has now …
Florida’s top insurance regulators and the Florida Association of Insurance Agents in late July blasted the Demotech financial rating firm after the organization reportedly notified 17 insurers that they will soon be downgraded. Demotech President Joe Petrelli said that the …
Did State Farm Insurance employ a clever device to reduce its payout – sometimes to zero – on thousands of property claims in Alabama? The insurance company has denied underpaying claims and other wrongdoing, but has agreed to settle a …
Insureds cannot recover damages from the insurance company if they failed to comply with the policy and failed to allow the insurer to make the needed repairs, a Florida appeals court decided Wednesday. Florida’s 3rd District Court of Appeal upheld …
Florida’s insurance commissioner announced today that his office has found an “unprecedented solution” to the looming property insurer rating crisis – let Citizens Property Insurance Corp. provide a level of reinsurance to companies in case they are downgraded, at least …
Rating Firm Postpones Ratings for 17 Carriers After Backlash The property insurance community has divided into two camps after the firestorm that erupted over the potential financial rating downgrades for 17 Florida insurance carriers. One camp argues that the Demotech …
