Florida Court Rules on Concurrent Causation

Florida Supreme Court Support for Homeowner “Concurrent Causation” Property Claim May Benefit Insureds in Other States, Too

By Michael C. Perlmuter, JD, President & General Counsel

The State of Florida is known for giving us pristine beaches for winter get-aways and views of spectacular space missile launches. Now, beyond family vacations and rocket ships, a recent insurance-related case adjudicated in Florida rendered a ruling from which insureds may be able to benefit in the future.

The Florida Supreme Court in 2016 issued a ruling which, in at least that state for starters, closed a significant loophole which has been festering for 30…

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Replacement Cost Insurance: What You Don’t Know Can Hurt You

By Michael Perlmuter, JD, President & General Counsel

and Jeffrey O’Connor, SPPA, Vice President

Insureds seem to take great comfort believing their replacement cost insurance will fully cover losses to their business or home when in fact they should not be sleeping so peacefully.

It is painfully clear during our initial conversations with clients experiencing a loss that they believe their claim to be “simple” or “straight forward” because they have “replacement cost insurance.” The insureds are adamant in the assumption that their replacement cost coverage obligates the insured to pay the “cost of replacement.”

Is this true? Absolutely not . ….

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Condominium Property Insurance Claims

Successfully Navigating the Board Member – Unit Owner Minefield

By Michael C. Perlmuter, JD, President & General Counsel

Property losses that occur to condominium properties and individual units within are among the most difficult insurance losses for insureds to manage correctly and appropriately.

Why?

  1. The relationship between an individual condominium unit owner and the defined larger condominium property is controlled by the condominium by-laws which can vary and quite often are open to significantly differing interpretations;
  2. There is no standardized policy language in either of the two different types of master insurance policies (and variations within them) insuring condominium properties;
  3. Insurance policies…

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Wildfires and Tornadoes and Floods, Oh My!

Understanding Which Natural Disasters Are Covered By Insurance

By Michael C. Perlmuter, JD, President & General Counsel

The 13 “Oz” novels written by L. Frank Baum regale readers with acts and images of fantastical fantasy.  The tornado lifting a farm house from its Kansas foundation and sent swirling into the atmosphere before dropping mercilessly on the Wicked Witch of the East is but one of the many creative interpretations presented in the 1939 movie adaptation of Baum’s series “The Wonderful Wizard of Oz.” The Munchkin coroner was among the first on the disaster scene, proclaiming the victim not “merely dead,” but…

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Pulling Back the Covers on the Insurance Industry

By Michael C. Perlmuter, JD, President & General Counsel

I subscribe to the digital version of Insurance Journal, a trade publication dedicated to reporting the most current trends and events in the insurance industry.

No one can read each Journal “cover to cover.” The technical content tests one’s concentration.

That said, my mind was attracted to an article entitled “P/C Insurers Caught Between Slowing Premium Growth and Rising Loss Ratios” in a recent issue.

The article confirmed my long-held opinion that the primary business of insurance companies is not really selling insurance. Instead, their primary business is simply attempting to make money on…

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What Living Expenses Can I Recover from the Insurance Company?

ALE: Not Just a Beer

By Michael C. Perlmuter, JD, President & General Counsel

and Neal Novak, Regional Vice President

A fire severely damaged your home compelling you to move out while it is being repaired. You gather a few salvageable necessities and vacate the premises expecting your insurance policy to cover living expenses. Your insurance company says, “not so fast, buster” and directs you to the small print in the policy. Uh oh, you weren’t prepared for loopholes.

Hearing this, you drop the double-ply 30 gallon trash bag containing the few worldly possessions saved from the fire and as a result of…

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Corporate Tax Options Available for Casualty Losses on Underinsured or Uninsured Business Property

The importance of proper documentation from a public adjuster

By Michael C. Perlmuter, JD, President & General Counsel

and Donald J. Dragony, CPA, CFF, Senior Vice President, Chief Financial Officer & Director of Forensic Accounting

Alex N. Sill Company typically represents insured business policyholders in connection with adjusting property claims from insured perils such as a fire, hurricane, tornado and other calamities. In most cases, our business clients, fortunately, have sufficient insurance to cover the damages. However, there are instances where a business owner is either not insured or is underinsured vis a vis the damages sustained.

So, the question is commonly asked…

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Individual Tax Options Available for Casualty Losses on Underinsured or Uninsured Personal Use Property

By Michael C. Perlmuter, JD, President & General Counsel

and Donald J. Dragony, CPA, CFF, Senior Vice President, Chief Financial Officer & Director of Forensic Accounting

Catastrophic losses to one’s home or personal use property are tragic in nearly every sense. Fires, hurricanes, tornadoes and the like can wipe out your place of living, injure your loved ones and cause financial disaster. It is especially tragic from a financial viewpoint, when a homeowner is…

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