Hardly a day goes by without another article documenting the struggles of our property insurance market. Lately, most have originated from the reinsurance industry and have focused on recent legislative reforms and whether new laws designed to reign in excess litigation will be enough to resuscitate our very sick patient. From these stories, a peculiar new term has emerged: legacy carriers. Until now, I have never heard that word used to differentiate between insurance companies. I’ve heard of legacy systems, even legacy employees, but not entire companies! So, what exactly does that mean, and why might it be important?

As you might...

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Over the last few weeks, FAIA has been receiving calls regarding former UPC policyholders with unrepaired damage from Hurricane Ian unable to find alternative coverage.

Citizens stepped up and provided a path for those consumers needing assistance. That path allows for certain documents to be deferred.

One document not on the deferral list was the estimate of damages by a contractor. FAIA spoke to several agents and found that contractors were backed up in SW Florida and could not get an estimate to a homeowner even though Ian occurred several months prior. FAIA met with all stakeholders to work out a solution.

During ...

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With the recent passage of property insurance reform legislation and tort reform legislation, Florida’s insurance marketplace is likely to respond with insurers beginning to appoint more agents in more areas of the state. Agencies may be presented with company appointment agreements for their review and signature. IIABA has recently published a Guide to Agency-Company Appointment Contracts, which in...

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