The Florida insurance marketplace is in complete disarray. While Florida has experienced a difficult property market in the past, we have never seen those conditions carry over simultaneously to multiple lines of coverage. This has both driven up premiums/rates, lessened coverage and created a heightened sense of the reality of the “cost of living” in a condominium in Florida.
Associations need to be prepared for what the next 18-24 months of a continued hard market will do for their budgets. In this course, we discuss the status of the insurance marketplace as it relates to property, liability, directors and officers, and umbrella/excess policies. They also cover topics including changes in underwriting expectations, familiarity with Citizens Property Insurance, and budget expectations.
- What coverages are required?
- The impact of increasing premiums.
- The importance of the appraisal, adequate coverage, and supplemental policy riders.
- Distinguishing coverage and reconstruction obligations from maintenance and repair obligations.
This program is not eligible for CEU credit or certificate of completion.
Kenneth S. Direktor
Andrea Northrop, Esq.
Insurance Office of America