Let’s start with a little background. Since the McCarran-Ferguson Act was passed by Congress in 1945, the insurance industry largely has been exempt from federal regulation. That includes (with some limited exceptions) federal antitrust law. So things that most companies cannot do (for example, all major banks agreeing to offer the same paltry interest rates …
Last week I provided a list of my top 10 commercial insurance myths and misconceptions. Today I want to start with the first misconception on the list: Your Business Is “Fully Covered”. I hear this a lot from clients. From a liability standpoint, it usually means their company has a comprehensive general liability (CGL) policy …
Commercial insurance is complicated, and decisions regarding what insurance to buy and whether to assert or pursue an insurance claim frequently are based on false assumptions about what risks are covered. Below is a list of 10 of the most common misconceptions regarding commercial liability insurance. In the coming days, I will examine each of …
This is for the insurance defense lawyers out there, and the plaintiffs’ lawyers who love to make their lives miserable. One of my loyal readers in Jacksonville (my friend and former partner at Gunster, construction law guru Ed Whelan) sent me a copy of this January 5, 2012 order in a construction defect case in …
Another high-profile insurance bill, HB 245, passed an important first test in the Florida House yesterday. The bill is aimed at reducing Citizens’ policy count by shifting policies to surplus lines carriers. The Senate version is likely to face stiff opposition, although it seems to be on a trajectory to be one of the insurance …