Valerie Edwards, Paige Newman Publish Article on Florida Insurance Reform Law in CLM Magazine
Fort Lauderdale, Fla. (June 12, 2019) – Fort Lauderdale Partner Valerie R. Edwards and Associate Paige Newman have published an article for CLM Magazine about a recent insurance reform law passed in Florida. The article, “Seasonal Gift” from the May edition of the magazine, discusses how the new law, HB 7065, which took effect on July 1, will impact property insurers and policyholders alike as the hurricane season approaches.
As Mses. Edwards and Newman note in the article, the legislation is expected to diminish the frequency of lawsuits brought by assignees against insurance companies, which should in turn lower legal fees for insurers and eventually lead to lower insurance prices for consumers. The law is favored by insurers who have seen a significant increase in assignment of benefit lawsuits in recent years that they say has directly contributed to the rise in insurance costs in Florida.
The article reviews the many changes brought by the new law, including amendments to the state’s attorneys’ fees statute, the new process for assignees to file suit, and the types of policies that Florida insurance companies can now offer.