Insurance is a cornerstone of risk management, especially when it comes to safeguarding valuable assets like property. However, the concepts of Estimated Maximum Loss (EML) and Probable/Possible Maximum Loss (PML) have been causing ripples of discontent among policyholders. Let's delve into what these terms mean and why they are becoming a concern, especially for commercial clients such as hotels and apartment complexes. 
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Insurers slashed Hurricane Ian payouts far below damage estimates, documents and insiders reveal - The Washington Post

We all acknowledge there are good and bad actors in every industry. Unfortunately, we see these deplorable activities firsthand when policyholders call us frustrated after trying to settle their claim. I hope the Florida Legislature acts alongside the Department of Insurance and regulators to put oversight in place that will place severe consequences on individuals or companies preventing policyholders from getting a fair claims settlement. This is the type of oversight needed that can only help to stem the litigation crisis. Fortunately, most of those I interact with in the insurance claims industry are trying to do right by the policyholder. Let’s give the policyholders the freedom to pick and choose what resources they require to get a fair settlement.

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With yet another Special Session beginning this week and a new legislative session beginning in March, Florida Legislators will soon be faced with some unexpected consequences, from new changes to the state’s insurance laws, that were passed by the Florida Legislature in May and December along with other pro-insurance reforms. There’s also, more work that needs to be done.

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While it’s troubling to watch FL residents suffer soaring rate increases, I’m still hoping some meaningful legislation will be passed that will “immediately” impact rates and help property holders. The frustrating part is the partisan politicians who turn a blind eye when good amendments are put forward that could easily provide some rate relief. Just watch the consumer-friendly amendments laid out by Senator Gary Farmer who very eloquently explains the insurance shell game.  

Start at 1:57:30 - https://thefloridachannel.org/videos/5-24-22-senate-session-part-1/

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So let me see if I have this right. Of course, I have this right! Déjà vu all over again. Within House Bill 305 there is language that not only treads on but stomps on the rights of two business entities which by the way are both licensed and pay fees to two branches of the Florida state government in order to conduct legal and necessary business. Why else would they be issued a license and required to mail fees to Tallahassee if they were not legal and necessary?

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