Floridians for Lawsuit Reform

And we’re totally serious, Clark.

The owner and office administrator of a Fort Myers roofing company, Nastar Roofing, have pleaded guilty to a conspiracy to defraud the United States by not paying employment taxes. William Skaggs Jr. and Billie Adkison orchestrated a scheme from 2013 to 2023, involving withdrawing over $21 million in cash payments from the company's accounts to pay workers off the books. By omitting these cash payments from tax returns, they caused a tax loss of $2.5 million to the IRS. Both Skaggs and Adkison face up to five years in prison, supervised release, restitution, and monetary penalties pending their sentencing. Let this be a lesson on the importance of verifying the credentials of contractors through the Department of Business and Professional Regulation (DBPR) before engaging their services, serving as a cautionary reminder to ensure compliance and legitimacy in all contractor engagements. https://lnkd.in/eNGBHNbe

The infusion of undisclosed financial support from clandestine sources into legal cases, along with the consolidation of disputes into protracted litigation processes, has prompted increasing concern regarding the transparency and equity of the legal system. This concerning trend bears the potential to undermine the integrity of legal proceedings. In fact, the litigation finance industry, estimated at a staggering $15 billion, has seen significant growth recently, with investors providing funding for lawsuits in exchange for a portion of any successful settlement or award. Furthermore, publicly traded companies such as Burford Capital Ltd. command multi-billion-dollar portfolios, reflecting the substantial scale of external financial involvement in legal matters. As such, it is evident that this landscape necessitates heightened vigilance, more robust oversight, and fortified safeguards to uphold accountability and the foundational principles of justice. https://lnkd.in/eu6FtsUE

Following a turbulent year defined by the devastating impact of three hurricanes, the resurgence of Florida's property insurance market is now on the horizon. This positive shift, as announced by Tim Cerio, President and CEO of Citizens Property Insurance Corp., is primarily attributed to the recent legislative reforms of 2022 and 2023. These reforms, with a focused intent on mitigating the detrimental effects of excessive litigation and escalating reinsurance costs, serve as a fundamental strategy in bolstering the market's resilience. Governor Ron DeSantis and CFO Patronis’ endorsement of these substantial reforms has been detrimental to the progress of these reforms’ efficacy, which are poised to significantly impact and fortify Florida's insurance landscape. https://lnkd.in/eK9nccbb

The recent reforms in the Florida insurance market have produced significant positive outcomes, with key indicators pointing towards a promising trajectory despite the ongoing absence of substantial decreases in policyholders' premiums. Notably, there has been a remarkable 56% reduction in property insurance lawsuits compared to preceding years, aligning with legislative efforts to mitigate legal fraud and abuse, thereby fostering a more stable market environment and mitigating costs for insurers. Representing a tenfold decrease from the previous year, insurance companies displayed financial confidence by filing for an average rate increase of only 0.8% in October, signifying a judicious approach in managing costs and ensuring a sustainable financial landscape for policyholders. This resurgence in investor trust epitomizes a positive trend towards market stabilization and resilience against unforeseen adversities, laying the foundation for an era of promise and progress for both policyholders and insurers in Florida. https://lnkd.in/e7WPxXZz

...Every time I do it makes me laugh (because there’s no such thing as a free roof!)

As demonstrated by Hurricanes Helene and Milton, every homeowner, particularly in Florida, should have flood insurance – regardless of their flood zone. It’s estimated that 22 percent of Floridians have flood coverage. We live in a state that is extremely vulnerable to both storm surge and flash flooding, perils that are not covered by standard home insurance policies. This underinsurance issue leaves homeowners vulnerable to significant financial burdens, as they grapple with the costs of repairs and replacements that are often not covered by standard homeowners' policies. The urgency of this insurance gap is palpable across flood- stricken southern U.S. communities following the damage of the recent hurricane season. In the counties hardest hit by Hurricane Helene, less than 1% of homes had flood insurance. What's more, FEMA estimates only 4% of homeowners across the country have flood insurance, even though 99% of U.S. counties have been impacted by flooding. If there's one lesson to be learned from this hurricane season, it's the undeniable importance of being prepared for the unforeseen. https://lnkd.in/dyxYY7iQ

Recent insurance reforms in Florida, aimed at stabilizing the market and reducing frivolous lawsuits, are showing signs of success. These reforms were introduced to address the increasing premiums driven by frivolous claims-related lawsuit activity in the Sunshine State. Since the implementation of these reforms, there has been a noticeable reduction in the number of lawsuits filed against insurance companies. New insurance companies have started entering the market and the Citizens policy depopulation effort is in full swing. This transition marks a positive shift in Florida's approach to tackling the challenges facing its insurance sector, characterized by efforts to create a more balanced and stable environment for both insurers and policyholders. While these early successes are encouraging, it will still take some time before the effects of this reform are felt in the wallets of rate-paying policyholders. As such, the dialogue around reforms in Florida is indicative of a collective understanding of the complexity of the issues at hand, proving the importance of fostering a collaborative and dynamic approach to reform, reflecting the state's commitment to addressing its distinct challenges in innovative and effective ways. https://lnkd.in/ezWCqYgy

You sit on a throne of LIES!

It is with heavy hearts that we at Floridians for Lawsuit Reform acknowledge the passing of Bob Lee, a long-time actuary at OIR. Bob's profound impact in the industry has earned him the respect of all the professionals who had the privilege of working with him. His passing marks the loss of an industry titan whose contributions are irreplaceable. Bob Lee will be deeply missed, and his legacy will continue to inspire those in the space he dedicated so much to. Our thoughts and condolences are with his family, friends, and colleagues during this difficult time.