GeoVera Specialty
Insurance Company announces changes to the
Replacement Cost Coverage in Florida.
This letter will serve to inform you of a change in GeoVera’s claims handling practices in the State of Florida as a result of a recent Florida Supreme Court decision.
GeoVera Specialty Insurance Company has been following settlement conditions within the terms of policies they issue, which in most cases call for settlement based on actual cash value unless and/or until the damaged property is actually repaired or replaced. In light of a recent Florida Supreme Court ruling with respect to Surplus Lines insurers, we believe that it is advisable to change GeoVera’s settlement practices. Accordingly, going forward GeoVera will be settling claims at replacement cost whether or not the insured replaces or repairs the damaged property, subject to any other conditions or limitations within the policy that apply.
As a consequence of this new ruling GeoVera has also decided to review all of its closed Florida claims going back to November 1, 2005, and will be issuing additional payments on claims that are applicable to this ruling that were paid at actual cash value and have an available replacement cost claim. The payments will also include statutory interest calculated from the date the claim was initially paid.
GeoVera’s decision to change its settlement practices is being made solely based upon the recent Florida Supreme Court ruling. GeoVera’s decision to go back and review past claims is also being made solely based upon the recent change and the fact that GeoVera desires that its insured(s receive all benefits available to them under the policies they issue and the laws applicable to those policies.
If you should have any questions please feel free to call us at 1-866-417-4855.
Sincerely,
GeoVera Specialty Insurance Services, Inc.
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St. Petersburg, FL 33716
[T] 866.417.4855 [Fax] 866. 654. 7382
