Florida residents got some good news this week, right in the middle of hurricane season, when fears of flood damage and insurance claims are high in the state. The U.S. House of Representatives approved a one-year reauthorization of National Flood Insurance Program (NFIP). Because the Senate had approved the renewal earlier, the measure now goes to President Obama for his signature.
In Florida and more than 30 other states, health insurance companies will stop writing policies for children this week. The move comes as provisions of the new health care law take effect.
The National Conference of Insurance Legislators (NCOIL) has proposed a model law that would strengthen protections of terminally ill and elderly patients. The law relates to another law proposed by the group earlier this year. Model laws are not guaranteed to be introduced in state legislatures. For Florida to enact these proposals, each model law must be championed by a state senator or state representative who will then see it through the legislative process.
In our last post, we talked about the San Bruno gas explosion and the costs of repairs. Florida homeowners are no strangers to disasters, but we believe it’s worthwhile to talk about the insurance implications of the San Bruno accident.
In the wake of the San Bruno, California pipeline explosion last week, the utility set aside about $100 million to help the victims. Whether they distribute that money depends largely on the results of the investigation into what caused the blast. If the company is not at fault, the people who were injured, the people who lost their homes, and the people who lost their loved ones will likely not see any of that money. Instead, they will rely on their insurance carriers. And industry insiders from Florida to Washington State will be following the story.
The term “bad faith insurance” describes situations in which an insurance company refuses to pay claims that are covered under the policy. One example is a car insurance company that says they will not pay damages related to a car crash caused by a driver they cover.
Prudential may find itself sitting across from 60,000 military families when it answers charges of improperly collecting interest on life insurance benefits. Attorneys are considering adding fraud charges to the suit, as well.
A study released this week reported that employers are shifting most of the increase in health insurance premiums to their workers. The study is conducted annually by the Kaiser Family Foundation and the Health Research & Educational Trust.
Florida homeowners are concerned that proposed sinkhole legislation will cause delays or denials of insurance claims. Insurers are pressing for the law change in response to a sharp increase in the number of sinkhole claims over the past few years.
Florida businesses may be glad to hear that the National Insurance Crime Bureau (NICB) is stepping up its efforts to uncover “slip and fall” insurance fraud. NICB agents have teamed with insurance company investigators and law enforcement personnel to look into the thousands of questionable claims submitted to insurance companies over the past couple of years.
