It Figures

$75 Million

The federal oil spill liability cap that BP has now said in court documents that it will waive. BP urged other defendants in the case, including Transocean Holdings LLC and Anadarko Petroleum Corp. to also waive the liability cap.

$75 Million

The estimated 2011 annual budget of the National Association of Insurance Commissioners.

$650,000

The amount a South Florida attorney says his client will get after a dancer’s platform shoe shattered his eye socket at a West Palm Beach strip club in 2008. A dancer claimed she was walking on the bar, felt someone touch her and swung around. Her metal heel went into the man’s eye socket and shattered it, requiring surgery.

7.8%

The average rate hike approved for Florida workers’ compensation insurers starting Jan. 1, 2011. Insurers had sought an 8.3 percent increase. It is the first hike in seven years.

$49 Million

The amount of no-bid contracts that Florida’s Citizens Property Insurance Corp. has allegedly issued, according to a class action suit against the state-backed insurer that seeks damages for the 1.2 million Citizens policyholders.

9.9%

The rate increase approved for Florida’s Citizens Insurance for commercial nonresidential properties in high-risk coastal areas. Other increases approved by state regulators include 10.4 percent for dwelling fire coverage for rental properties, 8.1 percent for commercial residential condominiums and 11.0 percent for condo association wind-only coverage. The state earlier approved an average 10.3 percent hike for homeowners and 9.2 percent hike for mobile homes.

$10 Million

The amount Allstate has agreed to pay to 45 states in a settlement involving its use of claims software, Colossus. Allstate will make some changes in its procedures and state insurance departments vow to better train their examiners in how insurers use claims technology.

Topics Florida