Florida Begins New Era with Major Property Insurance Reforms

Hurricane ian Insurance Claim, Florida Begins New Era with Major Property Insurance Reforms

 

Summary of Key Provisions of the Act[1]

  • Bad Faith – Revises Florida’s Bad Faith Statute to eliminate the payment of an appraisal award or and the acceptance of an offer of judgment as a basis to file a bad faith action;
  • Attorney Fees – The Act eliminates the right to attorney fees in residential and commercial suits;
  • Claims Handling Deadlines – The Act amends several deadlines related to an insurer’s claims handling requirements;
  • Notice of Claim – The Act shortens the time an insured has to file a claim and supplemental claim;
  • Mandatory Binding Arbitration – The Act permits carriers to include binding arbitration provisions within its policies;
  • Assignment Agreements – the Act eliminates Assignment of Benefits Contracts;

https://www.jdsupra.com/legalnews/florida-s-property-insurance-reform-the-1269772/

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