Simple: the carrier refused to comply with all stated terms and conditions precedent to settlement. As such, the plaintiff was bound by no settlement agreement waiving rights to pursue the defendant and obtained a judgment for the full value of the claim. The key though is the insurer only is liable for the full judgment if they committed bad faith in handling the matter. That is where the outrage here as it sounds like the pltf made the argument at trial and failed to properly vet the jury instructions.
Welcome to Florida.
Not only do we know how to screw up Homeowners Insurance, we have a legal system where too many people have too much time on their hands.
The insurer paid policy limits, the check was never cashed.
That case was closed, refusing payment is not the same as not agreeing to settle.
Why was the policy limit check not negotiated? Where is that check now? Who was that check sent too, the plaintiff’s attorney? It looks like an Attorney’s E&O claim to me.
This comment may be the most singularly myopic statement made in these forums. It could simply be that you have never handled liability claims but these scenarios are not unique to Florida and occur nationwide. E&O claim? i am sorry not trying to set up a liability insurer to uncap the limits is more likely to create a tort of malpractice than these actions would. Please educate yourself for the betterment of the insurance profession as a whole.
So we now know from your comment that you are an attorney and think that policy limits are mailable, they are not or at least should not be.
Policies are written with so many limitations and exclusions because of people like you. You and your profession hurt people and blame others. You have turned the insurance industry into a wealth transfer system where the insurance company takes money from people and turns it over to the trial bar.
I see your ilk advertise on TV, hear you on the radio, you have no shame, no morals and no ethics.
I have been in the insurance industry for 50 years and you are the cause of the problems we have in the industry and you would never take a case you couldn’t make any money on.
Attorney? I am not. I am a claims person with 25 years nationwide claims handling experience. The limits are the limits until they are not. Personal Lines, Commercial Lines, auto, casualty…. all the liability lines are attacked the same way and your myopic approach is why they are successful in opening limits. Proactivity by the carriers and full attention to all settlement details are the keys. Retire if you cannot handle the insurance business any more. Or focus on property only since the concepts of indemnity for third parties appears foreign.
“How does the settlement go from $10K to 12 Million?” I’ll tell you how. It is F-L-O-R-I-D-A.
No other explanation is required. For insurers, Florida is the lions’ den. It’s so fouled up that nothing short of a miracle can restore it to sanity.
How does the settlemt go from $10K to 12 Million?
Simple: the carrier refused to comply with all stated terms and conditions precedent to settlement. As such, the plaintiff was bound by no settlement agreement waiving rights to pursue the defendant and obtained a judgment for the full value of the claim. The key though is the insurer only is liable for the full judgment if they committed bad faith in handling the matter. That is where the outrage here as it sounds like the pltf made the argument at trial and failed to properly vet the jury instructions.
Welcome to Florida.
Not only do we know how to screw up Homeowners Insurance, we have a legal system where too many people have too much time on their hands.
The insurer paid policy limits, the check was never cashed.
That case was closed, refusing payment is not the same as not agreeing to settle.
Why was the policy limit check not negotiated? Where is that check now? Who was that check sent too, the plaintiff’s attorney? It looks like an Attorney’s E&O claim to me.
This comment may be the most singularly myopic statement made in these forums. It could simply be that you have never handled liability claims but these scenarios are not unique to Florida and occur nationwide. E&O claim? i am sorry not trying to set up a liability insurer to uncap the limits is more likely to create a tort of malpractice than these actions would. Please educate yourself for the betterment of the insurance profession as a whole.
So we now know from your comment that you are an attorney and think that policy limits are mailable, they are not or at least should not be.
Policies are written with so many limitations and exclusions because of people like you. You and your profession hurt people and blame others. You have turned the insurance industry into a wealth transfer system where the insurance company takes money from people and turns it over to the trial bar.
I see your ilk advertise on TV, hear you on the radio, you have no shame, no morals and no ethics.
I have been in the insurance industry for 50 years and you are the cause of the problems we have in the industry and you would never take a case you couldn’t make any money on.
Attorney? I am not. I am a claims person with 25 years nationwide claims handling experience. The limits are the limits until they are not. Personal Lines, Commercial Lines, auto, casualty…. all the liability lines are attacked the same way and your myopic approach is why they are successful in opening limits. Proactivity by the carriers and full attention to all settlement details are the keys. Retire if you cannot handle the insurance business any more. Or focus on property only since the concepts of indemnity for third parties appears foreign.
“How does the settlement go from $10K to 12 Million?” I’ll tell you how. It is F-L-O-R-I-D-A.
No other explanation is required. For insurers, Florida is the lions’ den. It’s so fouled up that nothing short of a miracle can restore it to sanity.