Bad Faith Impacting Florida Insurance Costs And Rates

TALLAHASSEE, Fla. - April 26, 2017 - PRLog -- The Florida Legislature is once again trying to decide what to do with the state's 45 year-old No-Fault Automobile Insurance coverage law – more specifically, how to handle the persistent fraud that keeps increasing and with it, automobile insurance rates.  But one component that's rarely talked about is the Bad Faith doctrine - and the third-party vendors some say who are manipulating it to win bigger legal settlements from insurance companies.

David Bronstein and JD Underwood - two noted South Florida insurance attorneys on opposite sides of the issue - argue the merits of Bad Faith as it relates to consumer rights and insurance company profits on the latest episode of The Florida Insurance Roundup podcast here (https://www.podomatic.com/podcasts/lisamillerassociates/episodes/2017-04-25T08_35_18-07_00)  (http://bit.ly/2pfrJPz ).  They reveal in this program how just the threat of a Bad Faith case and its related costs are driving up premiums for all Florida insurance consumers.  They share their insider perspective on how those looking to make a bigger buck rather than a reasonable claims settlement are hurting the availability and affordability of automobile, as well as homeowners insurance in Florida.  The program is hosted by Lisa Miller, a former Florida Deputy Insurance Commissioner.

As the legislature considers bills replacing No-Fault PIP (Personal Injury Protection) insurance with mandatory Bodily Injury insurance (BI) – where Bad Faith claims are more prevalent than PIP claims and can result in large verdicts beyond the policy coverage limits – insurance companies want added provisions to require mandatory civil remedy notice by third-party claimants to level the playing field.

Links and Resources Mentioned in This Episode

+ David Bronstein, Managing Partner with Bronstein & Carmona in Ft. Lauderdale www.bronstein-carmona.com

+ JD Underwood, Attorney with Florida Advocates in Dania Beach  www.FLadvocates.com

+ Florida Office of Insurance Regulation, Tallahassee.  www.floir.com

+ Florida Insurance Code Civil Remedy – Florida Statute 624.155 (http://www.leg.state.fl.us/Statutes/index.cfm?mode=View%20Statutes&SubMenu=1&App_mode=Display_Statute&Search_String=624.155&URL=0600-0699/0624/Sections/0624.155.html)

+ Making and Use of Rates for Automobile Insurance – Florida Statute 627.0651 (http://www.leg.state.fl.us/statutes/index.cfm?mode=View%20Statutes&SubMenu=1&App_mode=Display_Statute&Search_String=627.0651&URL=0600-0699/0627/Sections/0627.0651.html) (see section 12)

+ Florida Office of Insurance Regulation - Pinnacle Report on Review of Personal Injury Protection Legislation (http://www.floir.com/siteDocuments/FLOIRReviewPIP20160913.pdf)

The Florida Insurance Roundup from Lisa Miller & Associates, was created to bring Florida residents and seasoned insurance professionals alike the latest developments in Property & Casualty, Healthcare, Workers' Compensation, and Surplus Lines insurance from around the Sunshine State. Subscribe to The Florida Insurance Roundup podcast here. (http://lisamillerassociates.podomatic.com/rss2.xml)