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COLUMBUS, Ohio, March 5, 2021 /PRNewswire/ Given the impact of the extraordinary number of natural disasters that occurred in 2017, Demotech commissioned a special issue of The Demotech Difference to recognize the impact of disasters on the insurance industry and on the nation. Published in 2018, Strength Through the Storm was about promises made and promises kept, including the strength of Demotech-rated carriers that protect communities. If you did not receive a hard copy, an electronic copy can be found at: www.demotech.com/pdfs/demotech difference/flexpaper/Strength Through The Storm/index.html.
Unfortunately for property insurance carriers, particularly those licensed and writing in coastal areas, the natural disasters occurring in calendar years 2018 through 2020 seemed intent on making 2017 look like a walk in the park.
Strength Through the Storms and Through the Years - Demotech Rated Carriers prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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When an owner seeks the appraisal of a property insurance claim, insurers commonly object by demanding that the trial court must first rule on defenses to coverage before allowing appraisal panel to value the total claim submitted by the owner. As a result, Florida courts have been hesitant to compel appraisal of an owner’s property claim, usually valued through a public adjuster estimate, when coverage or scope issues persist and have not been first ruled on by the trial court. Florida’s Second District Court of Appeal just bucked this trend, and concluded that a trial court can order appraisal of the whole claim without considering scope or coverage issues raised by the insurer, and the parties’ appraisers or umpire may determine the total value of the claim. From there, the insurer may still object to any and all inclusions in the appraisal valuation that is not covered by the policy to remove them from any recove