Our quarterly newsletter focuses on the rights and responsibilities of the policyholder. Each newsletter highlights current issues and trends in the insurance industry.
ANTI-CONSUMER POLICY CHANGES
More Premium for Less Coverage
In the last year, so many Insurance Companies in the Florida market have made changes to their policy forms leading to gaps in coverage or denied claims. We provide you a list of some of the notable changes that may effect your property insurance coverage.
FIRE SPRINKLER FAILURE LEADS TO BILLION DOLLAR LAWSUIT
A Scary Situation for Any Condominium Property Owner
In a recent lawsuit filed on behalf of two Condominium Association’s located in South Florida, they are suing a dozen manufacturers, suppliers and distributors behind the sprinkler systems installed in their buildings.
Changes in policy forms and legislative agendas have taken form in what should have been a very consumer friendly environment for Florida policyholders. However, savings on premiums are being traded for policies with less and less coverage and the continued commitment by Carrier’s to deliver profits to investors and shareholders has resulted in increased pressure for rate increases.
RINGING IN THE NEW YEAR
Building on the Success of 2015 – A Snapshot of Pivotal Recoveries and Savings
This year marked many milestones for GlobalPro and our clients. While GlobalPro rolled out it’s Advocacy service to help clients save money on insurance, the GlobalPro Team of Insurance Adjusters and Experts kept up the pace on the claim side by continuing to protect policyholder rights. Also, this year GlobalPro tackled countless liability claims and several insurance claims valued at over $10mm to $50mm.
SEBO V. AMERICAN HOME ASSURANCE CO., INC.
An important Win for All Policyholders
By Craig Applebaum
On December 1, 2016, the Florida Supreme Court issued a victory for property owners throughout the state in Sebo v. American Home Assurance Co., Inc. The case involved a homeowner who experienced damage to his household from multiple perils. Of the perils that contributed to the damage, some were covered, such as rain and wind, and at least one peril was excluded, defective construction. The central issue for the Court to decide was whether coverage existed where multiple perils created a loss, but one of those perils was excluded.
GLOBALPRO’S TEAM REPRESENTS 1,000 COMMUNITY ASSOCIATIONS
We are Committed to Our Mission.
Our Team’s years of experience is a major contributing factor to its continued success and growth. This year, the bar was set high, but the Team was committed to advocating for our clients and putting their interest first.
PROPERTY INSURANCE LOSS RUN AUDIT
Don’t Leave Money on the Table
Over the past two years, GlobalPro has identified more than $1,000,000 in claim payment short-falls. These audits were performed at no out-of-pocket cost to the Association. While, we may not always find an issue with the claim payment, you can’t possibly know that you have properly paid until it has been verified by GlobalPro.