A debt collection agency announced it has launched a subrogration recovery service for insurance companies in Florida and other states.
Southwest Recovery Services, a 21-year-old company with offices in Texas, Florida, Georgia and other areas, said the new program is a debt collection service for insurance carriers that seek reimbursement of losses paid to insureds. Liability and workers’ compensation insurers often pay an insurance claim then sue third parties that may have been at fault for causing the incident or condition that led to the loss.
Carriers can encounter hurdles, including liability disputes and difficulties with uninsured or underinsured parties, Southwest leadership said in a news release. Additionally, Florida statutes can impede recovery until the insured party is fully compensated, adding a layer of difficulty. Southwest contends its program can improve and speed recovery.
The new service comes two years after Florida legislators approved a law that cut the statute of repose on construction-defect lawsuits – from 10 years to seven years. The law forced insurers to step up their investigation of defects and subrogation recovery.
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