LMA NEWSLETTER May 20, 2019

Reinsurers and Life

The Florida legislative session ended May 4, and as I have done since I opened my firm over a decade ago, I hit the road to go see clients, colleagues, family, and friends along the highways and byways of our beautiful state.  I taught legislative update classes including specific curriculum about the new Assignment of …

How Florida’s New AOB Law May be Exploited

Timely advice, seminars as carriers prepare

While we await the Governor’s signature on Florida’s new Assignment of Benefits (AOB) reform legislation, we are hearing about and exploring ourselves the loopholes that may exist in the new bill and other ways homeowners may be exploited by unscrupulous contractors and their attorneys.  The news media has also …

Florida to Save $500 Million in Hurricane Michael Cleanup

Greater federal cost-sharing credited

Florida scored a big win with the President’s recent visit to the Panhandle, with his announcement that the federal government’s cost sharing of Hurricane Michael recovery will increase from 75% to 90%.  The Governor in the meantime has provided a new loan program for hard-hit farmers and cash advances for rebuilding.  …

Michael a Hard Lesson at State Hurricane Conference

Quickly intensifying storms a challenge

Hurricane Michael was the center of attention among the record number of conferees at the annual Governor’s Hurricane Conference in West Palm Beach last week.  The mood was more sober than in past years, given Michael’s impact, including 43 Florida deaths, was so fresh in everyone’s mind.  The Category 5 …

Rising Reinsurance Rates

What’s the Florida risk?

Insurance companies rely on reinsurance to provide the financial backing to help pay claims from big storms such as Hurricanes Michael and Irma and whatever the upcoming 2019 Atlantic hurricane season has in store for us.  But how that reinsurance is being priced this season has turned into high-stake gamesmanship between …

Unemployment Down, Tourism Up

Sunshine State continues its economic growth

Florida set some new economic records this past week, among them the lowest unemployment in a long time and a record number of tourists visiting the Sunshine State in the first quarter of this year.   We also received some high marks for the economic impact of arts and culture …

Trip Insurance Perks

Upcoming Memorial Day the start of summer travel season

Last hurricane season, 15 named storms hit the U.S., causing destruction, travel delays and canceled trips around the country.  Entering what could be an equally destructive hurricane season, travel insurance comparison site, Squaremouth out of St. Petersburg, breaks down 3 travel insurance tips based on the …

Carnegie’s Inspiration

In re-reading Dale Carnegie’s 1936 How to Win Friends and Influence People during my travels over the last two weeks, I was reminded of the genius in the simplicity of Carnegie’s teaching.  The self-help book remains one of the best-selling books of all time with over 15 million copies sold – and for good reason. …