Dave DeMott’s Stories About Florida Insurance

episode: https://www.buzzsprout.com/126848/11840226-dave-demott-s-stories-about-florida-insurance

youtube: https://youtu.be/G7iGuLLZNwk

Dave DeMott is President-Elect of The Florida Surplus Lines Association, Chair of the Legislative committee and sits on the national Wholesale & Specialty Insurance Association committee.
Most importantly for today, Dave DeMott is a real, legit, on-the-ground insurance practitioner in Florida. He gets into the real details and war stories about insurance claims in Florida. 

Dave’s introduction to the Florida insurance market. 0:00
What is a lodestar fee multiplier? 5:23
The problem with AOB 12:29
What work is being done to curb predatory behavior by carriers? 19:03
Water damage and leaky roofs  23:15
What’s the distinct about Florida? 29:28
Lobbyists have their golden opportunity.

Why did I do this show?

I have been studying the Florida insurance market and Florida culture generally trying to figure out why Florida is weird. Dave DeMott is a real on-the-ground practitioner with real war stories and we got some in this episode!

What did I learn?

I learned what a one-way attorney’s fee was! If the attorney settles for $1 more in claim payment than the carrier offered, they get their entire fee paid for plus a multiplier. Holy cow!

What was my favorite part?

Here’s my favorite quote: “The very first time you hear about the loss, you get the you get the notice of loss to your claims team. There’s a notice of loss written by the insurance agent, there’s an assigned AOB, a public adjusters contract and a notice of intent to sue all together at once at first loss.” Insurers get sued at the very moment they learn of the claim!!

clips: https://www.linkedin.com/posts/david-wright-73661214_next-week-the-florida-legislature-sits-for-activity-7007081290201997313-yZYr

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