Capitol to Courthouse Florida Insurance Report – Wednesday, May 24, 2017
May 24, 2017
Florida adds hurricane reinsurance for “healthy” catastrophe fund
The Florida Hurricane Catastrophe Fund will test the reinsurance market for a proposal for this year and report back to the governor and Cabinet. Florida has purchased $1 billion in reinsurance for the Cat Fund the past two hurricane seasons. THE NEWS SERVICE OF FLORIDA’s Lloyd Dunkelberger reports via the Orlando Sentinel.
Florida Governor Rick Scott signs boating safety bill, 15 others
Floridians who have locator beacons in their boats will pay reduced registration fees under a new law. The Associated Press reports via the Tampa Tribune.
The Sunshine Economy: Flooding and Finance
According to the Florida Office of Insurance Regulation fewer than 10,000 flood insurance policies were written by private insurers last year, WLRN reports.
Florida CFO: $8M Recovered in Q1 Through Insurance Consumer Helpline
Insurance specialists working to assist Floridians through Florida’s insurance consumer helpline recovered nearly $8.1 million in the first quarter of 2017, Insurance Journal reports.
Florida Woman Caught Faking Workers’ Comp Injury Gets Probation
A South Florida woman was convicted of fraud May 3 and must serve 18 months of probation after she was caught hitting herself in the head with a ceiling sprinkler at work. The Associated Press reports via Insurance Journal.
Leading Florida Contractor Receives Prestigious Windstorm Insurance Network Fellow Accreditation
The WIND Designation Program accreditation is awarded to industry leading contractors who specialize in property and windstorm insurance claims and who demonstrate the highest levels of technical knowledge and professionalism in the industry.
Administrative judge says 2 should get medical pot license
Florida Division of Administrative Hearings Judge John Van Landingham ruled on Tuesday that Plants of Ruskin and Tornello Landscape/3 Boys Farm are equally qualified to receive licenses, but if the state’s Department of Health would approve only one, then it should go to Tornello/3 Boys. The Associated Press reports via the Palm Beach Post.
Ex-Everglades Foundation staffer named as Florida environmental chief
With Governor Rick Scott describing him as “passionate about the environment,” Noah Valenstein was named Tuesday as Florida’s next environmental secretary after a short interview yesterday. THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via the Palm Beach Post.
Gobble, gobble: It’s turkey time at Florida TaxWatch
Florida TaxWatch is offering its annual serving of “budget turkeys” 11 a.m. Friday at the group’s downtown headquarters on Bronough Street, FloridaPolitics.com Publisher Peter Schorsch reports.
Governor picks Pennsylvania insurance commissioner to lead new state agency
Wolf says he’ll nominate Insurance Commissioner Teresa Miller as Secretary of Health and Human Services, Ben Allen reports for WITF-TV.
How Rising Seas and Coastal Storms Drowned the U.S. Flood Insurance Program
Sea level rise and more severe storms are overwhelming U.S. coastal communities, causing billions of dollars in damage and essentially bankrupting the federal flood insurance program. Yet rebuilding continues, despite warnings that far more properties will soon be underwater. Yale University’s Gilbert M. Gaul reports.
California Earthquake Authority’s $925 million cat bond is one of largest ever
The California Earthquake Authority has issued one of the largest catastrophe bonds ever as it secured $925 million in residential earthquake indemnity coverage through two rounds of notes issued through Ursa Re Ltd., a Bermuda special purpose vehicle. Matthew Lerner reports for Business Insurance.
PCI’s Passmore discusses scenarios covered by liability insurance
Homeowners insurance policies can cover such scenarios as a neighbor’s tree falling on a policyholder’s house and possibly someone’s injury from trying to get away from an angry dog, even if the dog never makes contact, says Robert Passmore of PCI via NerdWallet.com.
Click here to follow Colodny Fass on Twitter (@ColodnyFassLaw)
To unsubscribe from this newsletter, please send an e-mail to news@colodnyfass.com