March 28, 2024

Tuesday's Daily Pulse

What you need to know about Florida today

| 10/24/2017

What could raise Hurricane Irma’s costs? Letting contractors handle claims

Assignment of Benefit, or AOB,* contracts are upending the insurance market in one of the largest U.S. states. Insurers and regulators said the pacts are responsible for driving up insurance rates for some Florida homeowners and spurring a boom in contractor lawsuits against insurers. [Source: Wall Street Journal]

Explanation of AOB from the Florida Office of Insurance Regulation:
*An Assignment of Benefits, or an AOB, is a document signed by a policyholder that allows a third party, such as a water extraction company, a roofer, or a plumber, to “stand in the shoes” of the insured and seek direct payment from the insurance company. It has become prevalent in water and roof claims across the state.

See also:
» Claims for Irma damage top $5 billion in Florida
» CONSUMER ALERT: Know what you are signing for repairs after Hurricane Irma (tips to assist homeowners after a storm)

Gov. Scott targets Volunteer Florida bonuses

Gov. Rick Scott is expanding the state's new “no bonuses” mantra. Scott has advised the agency Volunteer Florida that he wants it to emulate recent decisions by Visit Florida and Enterprise Florida to eliminate bonuses for staff members. [Source: Tallahassee Democrat]

Florida small business borrowing stalls in August

In August 2017, Florida's small firms borrowed on par with the previous month, according to data released by PayNet. Of the 18 major industries, 9 rose and 9 fell in Florida. See the news release from PayNet here.

Florida lawmakers fume as Senate blocks aid for state citrus growers

Pleading for help for citrus growers whose crops were decimated by Hurricane Irma, a plan from Senators from Florida to add money to a $36.5 billion disaster relief bill was blocked by Senate Majority Leader Mitch McConnell on Monday, as lawmakers said the White House made clear that it did not want to add extra money to this relief plan. [Source: Palm Beach Post]

Video:
» Sen. Marco Rubio on lack of additional disaster relief: How do you explain this to citrus growers in Florida?

Florida Trend Exclusive
Hot water: SeaWorld faces class-action lawsuits and investigations

In June, Orlando-based SeaWorld Entertainment disclosed that it has received subpoenas from both the U.S. Department of Justice and the U.S. Securities and Exchange Commission. Full story from Florida Trend, here.

ALSO AROUND FLORIDA:

› Florida gas prices dip another nickel, but they're still 5-10 cents too high, AAA says
Gasoline prices in Florida fell another five cents last week but remain 18 cents higher than before Hurricane Harvey struck Texas in late August and disrupted refinery operations, travel club AAA said. Also read more at the South Florida Sun-Sentinel.

› Florida players, coaches and their families have received death threats
The beginning of Georgia-Florida week took on an ominous tone when University of Florida coach Jim McElwain said on Monday that death threats have been made against his players, coaches and their families.
» See also: Florida, FSU try to ignore death threats, angry fans

Florida's Movers & Influencers
See some of Florida's top executive moves, board appointments, civic accomplishments, and more at Florida Trend's Movers & Influencers. Each profile appears in three places: in a weekly eNewsletter, online at FloridaTrend.com and in a monthly print issue of Florida Trend. Read more here.

› How Florida could help ensure the popular vote picks presidents
State Rep. Joe Geller, D-Aventura, has filed a bill to mandate that Florida’s electoral votes be awarded to the candidate who wins the nationwide popular vote.

› Endangered Key deer survived Hurricane Irma's landfall in Florida Keys
Federal wildlife officials say Hurricane Irma didn't wipe out a herd of tiny, endangered deer found only in the Florida Keys. According to a U.S. Fish and Wildlife Service survey released late last week, 949 Key deer storm.

Go to page 2 for more stories ...

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Florida Trend Video Pick

Bitter-to-swallow cocoa costs force chocolate shops to raise prices
Bitter-to-swallow cocoa costs force chocolate shops to raise prices

Central Floirda chocolate shops are left with a bitter taste as cocoa prices hit an all-time high earlier this week.

Video Picks | Viewpoints@FloridaTrend

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