We are continuing our discussion of life insurance policies and different ways the policy owner can take advantage of a policy’s value. Our focus here is on one particular option: the life settlement.
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.
More than two years have passed since a sinkhole opened in Seffner, swallowing a portion of a house and killing a 37-year-old man. The victim’s body was never found. In time, the house was demolished, the sinkhole was filled and stabilized — or so authorities believed. The hole opened again in August.
This did not happen in Florida, but it shows just how quirky, even ridiculous insurance laws can be.
Insurance carriers would like us all to believe that they are our partners in adversity. Tree fell on your house? The calm insurance professional is right there to help you with your claim. Attacked by lions? Your insurance agent will teleport you to safety. Aliens destroyed your vacation home? Don’t worry, you’re covered!
The Florida 2nd District Court of Appeal decided a case in September that illustrates just how tough it can be to fight an insurance company. It also shows that Chinese drywall complaints are still working their ways through insurance companies and the courts, but the insurance companies have taken steps to avoid paying homeowners’ claims.
We are talking about a lawsuit two taxi companies and an Uber customer filed against the Florida Department of Highway Safety and Motor Vehicles. As we said in our last post, the plaintiffs do not want money damages; they are requesting that the court order the FDHSMV to answer a question about the state’s insurance requirements for for-hire passenger vehicles.
It’s safe to say that taxi and limousine companies are wary of Uber and its transportation network company kin. It’s also safe to say that Florida’s taxi companies are not alone in their misgivings.
Florida has escaped Hurricane Joaquin, but the category 4 storm has contributed to an historic amount of flood damage. As the rain and the flooding continue, South Carolina Gov. Nikki Haley has said her state is living through a 1,000-year flood. It could be weeks before power is returned to some affected areas. And, with so many historic buildings in Charleston, insurance companies are expecting an enormously expensive cleanup.
With Labor Day behind us, we are nearing the end of the 10th anniversary of one of the most destructive hurricane seasons in American history. Much of the media coverage was devoted to Hurricane Katrina, perhaps rightfully so. Still, by the time Katrina hit in August, Florida had already been through Hurricane Dennis, a mere category 3 storm by the time it had finished with Cuba. In September, Hurricane Ophelia blew by, followed by Hurricane Rita. October started with Tropical Storm Tammy, with Hurricane Wilma following close on Tammy’s heels. It was a busy year.
