Insurance claims regarding damaged art can be elusive to value

Mon Dec 28th, 2015 on     Insurance Claims,    

Florida is a state of numerous exhibitions, museums and centers for the display and development of different kinds of art. Works of art placed in museums or brought to them in traveling exhibitions are largely owned by outside parties. Insurance coverage must be obtained for all artwork that appears for exhibit or that is permanently situated. Unfortunately, if an insane rampage by someone results in massive damage and destruction of insured pieces, a virtual hornet’s nest of insurance claims and litigation may result.

2015? It was a very good year – for Citizens

Tue Dec 22nd, 2015 on     Bad Faith Insurance,    

Florida is a study in contradictions when it comes to insurance law. The state has led the nation in consumer protection actions, like the national mortgage settlement and, for that matter, established Citizens Property Insurance Co. to provide coverage to residents who would otherwise go without.

Breach of good faith duty underlies bad faith insurance claim

Mon Dec 21st, 2015 on     Bad Faith Insurance,    

An insurer has a legal duty to act with good faith and fair dealing in every insurance contract. When that duty is breached, a tort and breach of contract action for bad faith insurance may be allowed, depending upon the facts of the case. As a general rule in Florida and elsewhere, the insurer will incur liability to the insured if it recklessly or in bad faith exposes the insured to liability in derogation of its contract of insurance.

In good times and bad, risk is in the eye of the insurer

Mon Dec 7th, 2015 on     Insurance Claims,    

Florida has not seen a hurricane in 10 years, and the state’s ranking for worst drivers has improved dramatically over the past five years. Why, then, are our homeowners and auto insurance rates among the highest if not the highest in the nation? It seems unfair, but no one said insurance rates were fair. Reasonable, maybe — but not fair.

Don’t confuse STOLIs with life settlements

Mon Nov 16th, 2015 on     Insurance Law,    

In July 2014, we wrote a series of posts about stranger-originated life insurance policies and the efforts of various states, including Florida, to regulate, even to eliminate STOLIs. With STOLIs taking so much of the spotlight, though, life insurance companies found it difficult to explain legitimate ways to turn a policy into cash.

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