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Beneficiary Designation Disputes After Divorce

August 8, 2019 An Insurance Expert Witness May Help Understand Options The divorce rate in the U.S. is about 50 percent, which means that about half of all marriages will end up in divorce at some point. The average number of years after vows are exchanged until divorce is 7.5 years. Divorce can be simple or complicated depending on the parties involved, and marriages where there are many assets can be very complex. One asset is life insurance, and every life ... Read more

Toxic Mold and Property Damage Claims in Florida

April 4, 2019 Read more

Florida Hurricane Insurance Claim Resolution

January 22, 2019 With Hurricane Michael now history, at least from the storm standpoint, the inevitable clean up continues as does the claim process.  Many and probably most of the claims will be resolved without litigation – though some will in fact result in litigation.  The Florida Legislature (where I served for the last eight years) has put in place good and sufficient legislation to assure that the claim process can be carefully ... Read more

How a Managing General Agent Business Model Works

May 9, 2018 An independent insurance agent has many reasons to work with a managing general agent, or MGA. From the requirement of expertise to the availability of a particular product or the competitive price, MGAs provide a variety of services and competitive advantages to independent agents. In fact, Insurance Journal argues there are at least 50 possible reasons for partnering up with an MGA. To get a better understanding of how the managing general agency business ... Read more

Homeowners Versus Flood Insurance Policies

September 1, 2017 As the 2017 hurricane season gains strength following Hurricane Harvey in Texas, residential and commercial property owners along the Gulf of Mexico and in other coastal or low-lying regions across the country are likely to be double checking their insurance coverage. Damage caused by flooding is not typically covered by homeowners and renters insurance policies. Rain-related damage may, however, be covered. Property owners who hold a mortgage on a home or commercial ... Read more

Soot, Smoke and Ash Insurance Claims Increase During Wildfire Season

July 24, 2017 With wildfire season here, smoke and ash claims can arise under an insured’s homeowners and commercial property policies. For fires that occur close to a property, soot claims can arise as well. Wildfires and the associated risks remain a national concern. In April, a state of emergency was declared in Florida as over 100 active fires burned across the state. The number rose to 142 fires in May. While East Coast fires ... Read more

D&O Insurance Litigation Continues to Rise

July 11, 2017 The D&O insurance industry has seen a significant increase in claims involving securities class action suits in recent years, as we have written about in the past. A study published by Advisen provides insight into some of the claims trends that affected the industry for Directors & Officers insurance in 2016, as summarized below. Trend Toward Suing Smaller Companies In the past, large companies were more likely to be hit with a ... Read more

2017 Hurricane Forecast: Understanding Hurricane Deductibles

July 6, 2017 Many coastal homeowners remain unaware of the hurricane deductibles included in their homeowners’ insurance policies. A recent Insurance Research Council (IRC) poll found that almost five years after Superstorm Sandy, one third of homeowners in several coastal states, including New Jersey, North Carolina, South Carolina, Florida and Texas, are still unclear about hurricane deductibles and how they work. Some of the more notable findings are as follows: 33 percent of homeowners surveyed ... Read more

Insurance Agent Liability and E&O Coverage

June 21, 2017 Insurance agent liability is a professional risk that can be triggered by either the actions or inactions of an agent. The leading cause of claims against insurance agents today is the failure to provide the right coverage to insureds, according to a recent article. Continuing education plays a role in agent learning and development, and can potentially mitigate this agent liability risk. Additionally, agents that address and understand client needs ... Read more

Long Term Care Pricing May Change

June 6, 2017 Genworth, the largest seller of stand-alone long term care insurance (LTCI), is planning to significantly revise the way long term care policy premiums are structured. Traditionally, consumers purchase a policy and insurers charge flat premiums for several years. Depending on the policy provisions and claim results, recently, in the out years, rate increases are required. Genworth’s CEO Tom McInerney argues that this existing model limits a “carrier’s flexibility in designing and ... Read more