Well before the devastating collapse of the Champlain Towers, it had become near impossible for oceanfront commercial properties and those located in coastal regions to obtain coverage from Florida licensed carriers. (Credit: Fernando Medina/Shutterstock) How Surfside collapse could influence state-regulated insurance
Growing legal fees Fla. insurers face from past hurricanes and reduced faith in building inspections could drive a decline in available coverage.
August 04, 2021 at 12:00 AM
6 minute read
The original version of this story was published on Law.com
The business of insurance relies upon predictive indicators of risk exposure. So how will a seemingly (and hopefully) rare event like the Surfside condo collapse impact the way that condominium association-owned buildings model? Does the fact that a board of laypeople is tasked with decisions affecting the structural integrity of condo buildings influence the insurability of those buildings? If so, Florida residents will likely see a continued decline in the availability of property insurance coverage from Florida licensed insurers.
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