LMA NEWSLETTER January 7, 2019

Authentically Curious

Happy New Year!  Over the holidays I had the opportunity to catch up on some inspiring reading and one such article was in Forbes magazine.  Forbes’ Coaches Council author David Garrison cites a 2017 study of 3,000 people, where 70% said they felt there were barriers to asking questions.  Garrison gave sage advice to …

Hurricane Michael Three Months Later

Housing and funding challenges spur private effort

With the three-month anniversary this Thursday of Hurricane Michael’s landfall on Florida’s panhandle, insured losses are approaching $5 billion, rebuilding is well underway but housing remains a major problem.  The Cat 4 storm that killed 43 Floridians has spawned various recovery efforts to accompany FEMA’s, but one former …

Florida Supreme Court to Hear AOB Case

All 3 branches of government now addressing AOB reform

The Florida Supreme Court has agreed to hear a case that could settle definitively whether insurance companies are allowed to require that all parties with an insurable interest – including a bank or mortgage company – must sign-off on an assignment of benefits (AOB) agreement between …

Rising Lawsuits Bring Rising Rates to Citizens Insurance

Litigation among all carriers up by a third

Assignment of Benefits (AOB) abuse is being blamed in part for Citizens Property Insurance Corporation’s recent 8.2% average rate increase in personal lines which becomes effective this September.  The state’s insurer of last resort had delayed submitting its 2019 rate request until last month so it could …

Bill Watch

Committee Weeks Underway

This week the Florida legislature will begin its second of six “committee weeks” where legislation is introduced for initial discussion and consideration by lawmakers in preparation for the opening 60-day legislative session on Tuesday, March 5.  The session is scheduled to end Friday May 3.

The only bill the legislature has to …

Supreme Court Rules on PIP Case

Deductible should come off the top

The practice by healthcare providers to take the deductible right off the top of total medical expenses before applying the Personal Injury Protection (PIP) formula was upheld last month by the Florida Supreme Court, in a ruling closely watched by insurance companies.  It’s an issue that’s generated conflicting decisions …

Private Flood Insurance is the Remedy for NFIP Shutdowns

Oh to be a fly on the wall 

Often we read startling headlines like the one we saw on December 28: “Breaking News: In Reversal, Flood Insurance Program Resumes…,” and we just shrug and move on to the next story.  With this one, we at LMA read and re-read it several times and thought through …

Work like Hell

Tesla.  SpaceX.  The Hyperloop.  Think what you may about Elon Musk, no one can deny his ability to innovate, create, and engineer the technology that is thrusting us ever closer to the future.  He’s doing so right before our eyes amidst every challenge our world currently faces.

Despite the recent controversy within the ranks of …