Tuesday, January 4, 2011

2010 in quotes - Sinkhole Insurance version

"'Then another house and another house,' said the 67-year-old retiree as a pump in her yard strained to send a stabilizing concoction into limerock voids and sand under her foundation. 'Then it started coming over on our side ...'"  From Ocala.com, August 9, 2010.  Available at this link:
Gambling with sinkhole coverage - After change in insurance law, more property owners are going without sinkhole coverage.

"Volcanoes and earthquakes get all the attention. But what about sinkholes?"  From the Wall Street Journal, April 19, 2010.  Available at this link:
This Town Is Going Down, and Strawberries Share the Blame

"'Apparently we have hit a nerve,' a deadpan state Sen. Mike Fasano declared.  The New Port Richey-area Republican was referring to a slew of reactions from attorneys and insurance public adjusters as word leaked out about ideas floating around to modify state regulations on sinkhole damage claims in 2011"  From Pasco County's Suncoast New, August 14, 2010.  Available at this link:  Other side in sinkhole controversy responds

"Sinkhole payouts are unfair to taxpayers."  The headline of a St. Pete Times editorial, October 1, 2010.  Available at this link:  Sinkhole payouts are unfair to taxpayers

"You’re saying it’s not hurricanes that are doing insurers in, it’s sinkholes.  LM: It’s sinkholes doing it right now, related to aggressive marketing, aggressive attorneys, aggressive public adjustors, and people who are blaming sinkholes for any damage to a home."  Interview of Lynne McChristian, appearing in The Heartland Institute's OutOfTheStormNew.com, August 13, 2010.  Available at this link:
Florida’s Sinkhole Insurance Law – Lynne McChristian Explains

"'In a vast majority we believe it was not a sinkhole,' he said. 'We simply can't prove it was not.'"  Sam Miller, from Florida Insurance Council, quoted by the Tampa Tribune, August 16, 2010.  Available at this link:  Growing number of sinkhole claims questioned.

"Citizens took in $19.6 million for sinkhole coverage in 2009. But the company paid out $97 million in claims costs."  Paul Palumbo, senior vice president for underwriting at Citizens Property Insurance Corporation, quoted by the Insurance Journal, September 8, 2010.  Available at this link: Florida's Citizens Says Sinkhole Claims Forcing Proposed Rate Hike

"Sinkhole Claims Threaten To Engulf Florida Insurers"  Title of Wall Street Journal article, September 21, 2010.  Available at this link:  Sinkhole Claims Threaten To Engulf Florida Insurers

"Will Floridians, who already support a state-backed property insurer and a catastrophe fund, support another public insurance entity for sinkhole coverage?"  From an article published in the Insurance Journal, October 22, 2010.  Available at this link:  Introducing... The Florida Sinkhole Insurance Fund?


Perry Cone practices insurance, compliance and government law, and provides consulting to in-house counsel, from the Tallahassee office of GrayRobinson. He writes from his perspective as a former general counsel, executive, and leader in the Florida insurance industry.  Visit Perry's blog at http://www.tallyinslaw.com/.

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