A number of insurance companies in Florida removed values from their insurance policies in recent years. Since disputes were the only method of resolution, this led in part to a sharp increase in the lawsuits. This "Wag The Dog" scenario then allowed Florida's insurance industry to claim an increase in the number of lawsuits filed and seek a need for alleged reforms that hurt Florida policyholders.
In my Tuesday at 2 discussion yesterday, a question was asked about which evaluation process should be submitted when SB 76 has this language:
If an insurer responds to a message to the insurer about a document or failure of the insurer other than a denial of coverage, it must respond by submitting a settlement offer or requiring the applicant to participate in the assessment or any other method of alternative dispute resolution.
Unlike an arbitration process where there is a statue describing how the process works, there is nothing in Florida law. to dictate how an assessment would be carried out according to law. There is nothing in SB 76 that describes what an evaluation process would be if the insurer demanded that the policyholder continue with such a procedure if it is not in the insurance. The alternative dispute resolution is also not defined. What happens if the insurer chooses a "reversal of the coin?"
Again, you will not find this madness in any other state.
Thought for the day
The truth is you do not know what will happen tomorrow. Life is a crazy ride, and nothing is guaranteed.