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February 1, 2007

Florida Appellate Court Certifies Questions Implicating Insurance of Hurricane Damage

A Florida appellate court issued Florida Farm Bureau Cas. Ins. Co. v. Cox, 943 So.2d 823 (Fla. App. 2006), in October 2006, but in December issued another opinion certifying questions on the statute's meaning for the Florida Supreme Court.  The policy excluded damage caused primarily by flooding, and most of the damage was from flooding, but the court put the insurer on the hook for the full loss.  Along the way, it interpreted Florida's "Valued Policy" statute, which are quite common. The certified question tells the story of the stakes:

DOES SECTION 627.702(1), FLORIDA STATUTES (2004), REFERRED TO AS THE VALUED POLICY LAW, REQUIRE AN INSURANCE CARRIER TO PAY THE FACE AMOUNT OF THE POLICY TO AN OWNER OF A BUILDING DEEMED A TOTAL LOSS WHEN THE BUILDING IS DAMAGED IN PART BY A COVERED PERIL BUT IS SIGNIFICANTLY DAMAGED BY AN EXCLUDED PERIL?

February 1, 2007 in Current Affairs | Permalink

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