THURSDAY, MARCH 12, 2015
Florida's Flood Agency Puts a Hold on Tampa Bay
The Flood Agency, which offers flood coverage that are backed by the surplus lines insurer Lloyd's Private Flood, announced that it will stop writing new business in the Tampa Bay region in order to manage it's exposure. The De3cision affects Pinellas, Hillsborough, Pasco, Sarasota and Manatee counties. Flood Agency President Evan Hecht said the decision to stop providing "new" policies in those areas is based on the need to balance Lloyd's exposure, which is now at $250 million in those areas.
Though Lloyd's Private Flood is not writing "new" policies, we at Birchell Insurance Agency have other opportunities to insure your home and property.
Florida Weights 2.5% Workers' Comp Decrease
Florida workers' compensation writers have recommended a 2.5% rate decrease for 2015. The Office of Insurance Regulation has received the filing by the National Council of Compensation Insurance (NCCI), which if approved, would mark the first decrease in four years.
NCCI reported that "fewer claims" and "fewer losses" are responsible for the proposed rate decrease.
In other Florida Workers' Comp news...
Judges Ruling Leaves Florida Workers' Comp System in Limbo
Business interests are expected to appeal a recent ruling by a Florida circuit court judge that state's workers' compensation law is unconstitutional because it no longer provides adequate benefits to injured workers giving up their right to sue.
Florida Circuit Court Judge Jorge Cueto handed down the ruling in a case (Padgett v. State of Florida) that could upend the state's nearly 80 year workers' compensation law and it status as an "exclusive remedy" for injured workers.
The state Supreme Court is already considering several other similar cases including a case where a lower court initially ruled that a 104 week limit on temporary benefits was unconstitutional. The lower court later reversed its ruling but asked the high court to consider the case as a matter of "great public importance".
Florida's "War" on Workers' Comp Fraud Targets immigrants
Florida Chief Financial Officer Jeff Atwater touted the arrests of more than 100 immigrant agricultural workers last July as an effort to crack down on the costly problem of workers' compensation fraud. Instead of going after employees who fake back injuries or businesses who treat employees as outside contractors, the states attorney's office is looking at Mexican and Central American workers, many of which according to the state attorneys office are in the country illegally, under Florida statutes that makes it a felony to use a fake or stolen ID to obtain a job- and, by extension, workers' compensation insurance.
Information for the content of the stories in this blog has come from "Insurance Journal, The National Property & Casualty Magazine". If you have a question on any of these topics or an insurance question in general just give us a call. We can be reached at (407)936-1572 or (800) 978-8813. At Birchell Insurance Agency we do everything we can to "make insurance easy".