The Florida Legislature is once again trying to decide what to do with the state’s 45 year-old No-Fault Automobile Insurance coverage law – more specifically, how to handle the persistent fraud that keeps increasing and with it, automobile insurance rates. But one component that’s rarely talked about is the Bad Faith doctrine – and the third-party vendors some say who are manipulating it to win bigger legal settlements from insurance companies.
David Bronstein and J.D. Underwood – two noted South Florida insurance attorneys on opposite sides of the issue – argue the merits of Bad Faith as it relates to consumer rights and insurance company profits. They reveal in this program how just the threat of a Bad Faith case and its related costs are driving up premiums for all Florida insurance consumers. They share their insider perspective on how those looking to make a bigger buck rather than a reasonable claims settlement are hurting the availability and affordability of automobile, as well as homeowners insurance in Florida.
As the legislature considers bills replacing No-Fault PIP (Personal Injury Protection) insurance with mandatory Bodily Injury insurance (BI) – where Bad Faith claims are more prevalent than PIP claims and can result in large verdicts beyond the policy coverage limits – insurance companies want added provisions to require mandatory civil remedy notice by third-party claimants to level the playing field.
Links and Resources Mentioned in this Episode
- David Bronstein, Managing Partner with Bronstein & Carmona in Ft. Lauderdale, Florida www.bronstein-carmona.com
- JD Underwood, Attorney with Florida Advocates in Dania Beach, Florida www.FLadvocates.com
- Florida Office of Insurance Regulation, Tallahassee, Florida www.floir.com
- Florida Insurance Code Civil Remedy – Florida Statute 624.155
- Making and Use of Rates for Automobile Insurance – Florida Statute 627.0651
- Florida Office of Insurance Regulation – Pinnacle Report on Review of Personal Injury Protection Legislation (http://bit.ly/2q3fkB5)
- LMA’s Assignment of Benefits webpage