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Future of Florida Insurance Litigation

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Looking good!

The December 2022 property insurance market reforms passed by the Florida Legislature are making a big difference already, with fewer and less severe non-hurricane claims and fewer daily lawsuits, according to Stacey Giulianti of Florida Peninsula Insurance Company.  I had the recent pleasure of talking with Stacey, who is a Co-Founder and Chief Legal Officer at Florida Peninsula and a former plaintiff attorney.  We recorded our conversation as the latest episode of The Florida Insurance Roundup podcast.

He said the reforms, specifically the elimination of one-way attorney fees, will “level the playing field” between plaintiff and defense attorneys in disputed claims.  He disagrees with critics who say it will make it difficult for policyholders to seek relief in court.  Courts at the end of a case can still award attorney fees if justified and tax costs, such as the hiring of an expert witness, something he said is actually needed in less than 10% of disputes.  “That’s a little bit of nonsense from plaintiff lawyers trying to say that you need an expert in every case,” said Stacey, who is also an accredited claims adjuster.  “You don’t, because most of these cases, we already know what the damage is.  And it’s really a scope and pricing differential.  Do you repair it, do you replace it, is it $5,000 to repair that, or is it $50,000 to repair that?”  Stacey agreed with the point I have long made: that hiring an expert would still be less expensive to the consumer than paying 30% to 40% of their court award in attorney fees.

Stacey Giulianti, Co-Founder and Chief Legal Officer, Florida Peninsula Insurance Company (Photography by: ©Michael B. Lloyd)

We also talked about the innovative options included in the reforms, including insurance companies now allowed to offer mandatory binding arbitration in their policies with a resulting premium discount.  Stacey also shared what Peninsula and some other major carriers are doing in their newly created “Customer Experience Departments,” in an effort to avoid disputes in the first place. 

Stacey also shared his thoughts about the reticence that many reinsurance companies have in offering coverage to Florida domestic insurance companies for the upcoming June 1 renewal for hurricane season.  He urges reinsurers to “look at the insurance company’s operations in regards to what data they collect and how they use it, especially in underwriting.  Some companies do better than others in using data to better protect their capital,” he said.  “Carriers are going to remember who in the reinsurance side stuck with them during this time when they weren’t sure, because I’m telling you, it’s going to get much better.  I saw it with the sinkholes issue.  I was a plaintiff’s lawyer.  I know how people think.”

You can read more – and better yet, listen to the full podcast here.   

LMA Newsletter of 2-20-23

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Tags: Arbitration, Customer Experience, Customer Service, Defense Attorneys, Florida Homeowners Insurance Market, Florida Peninsula Insurance, Florida Property Insurance, Florida Reinsurance, insurance appraisal, Insurance Customers, Insurance Litigation, One-Way Attoney Fees, Property Insurance Reform, Stacey Giulianti, The Florida Insurance Roundup podcast

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Just wanted to say that I thoroughly love your newsletter. It’s is always informative and insightful to the ins and outs of our industry.  You are an inspiration and an important asset in the insurance world.  Keep up the great work!” 

Cynthia Scott, President
University Insurance Group
Davie, FL

“Just a quick note to let you know how much I have appreciated your newsletter over the years and the assistance they offer for those in the field of claims. We depend on the information more than you will ever know!”

Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

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