Summary of Key Provisions of the Act[1]
- Bad Faith – Revises Florida’s Bad Faith Statute to eliminate the payment of an appraisal award or and the acceptance of an offer of judgment as a basis to file a bad faith action;
- Attorney Fees – The Act eliminates the right to attorney fees in residential and commercial suits;
- Claims Handling Deadlines – The Act amends several deadlines related to an insurer’s claims handling requirements;
- Notice of Claim – The Act shortens the time an insured has to file a claim and supplemental claim;
- Mandatory Binding Arbitration – The Act permits carriers to include binding arbitration provisions within its policies;
- Assignment Agreements – the Act eliminates Assignment of Benefits Contracts;
https://www.jdsupra.com/legalnews/florida-s-property-insurance-reform-the-1269772/
