Florida insurance market full of ‘low quality’ companies, study finds

The vast majority of small insurers operating in Florida are considered so financially weak that they wouldn’t typically meet federal guidelines allowing them to back mortgaged homes. That’s a central finding of a study that also suggests that Florida consumers are being led to believe their insurers are much healthier than they really are. [Source: Tampa Bay Times]

Business Beat - Week of April 12th

Get top news-to-know with Florida Trend's headline-focused video newsbrief, hosted by digital content specialist Aimée Alexander.

Column: Will construction insurance costs kill Florida’s real estate boom?

The cost of construction insurance in Florida is having developers second-guess their willingness to invest in the Sunshine State, while business leaders are growing concerned that higher insurance costs may slow Florida’s booming real estate sector. But these fears are overblown, and relief is taking hold. [Source: Miami Herald]

Florida scientists have built a ‘Coral Fort’ from plastic straws and other recycled materials to keep fish from eating lab-grown reef

South Florida researchers trying to prevent predatory fish from devouring laboratory-grown coral are grasping at biodegradable straws in an effort to restore what some call the rainforest of the sea. But protecting the underwater ecosystem that maintains upwards of 25% of all marine species is not easy. Even more challenging is making sure that coral grown in a laboratory and placed into the ocean doesn’t become expensive fish food. [Source: AP]

Citizens Insurance’s ‘depopulation’ push reduced policy count by more than 275,000 last year

Private insurers pulled more than 275,000 policies last year from the state’s Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying Wednesday he thinks “we’re coming through to the other side” after years of troubles in the market. Citizens, which was created as an insurer of last resort, ballooned during the past few years to become the largest insurer in the state as private carriers dropped customers and raised rates because of financial troubles. [Source: News Service of Florida]

Employee vs. Independent contractor: An evolving definition

Are people who work with your business “independent contractors” or “employees?” It can be a constantly changing distinction depending on the current presidential administration. A new rule issued by the Biden Department of Labor (DOL) sought to establish independent contractor status under the Fair Labor Standards Act (FLSA). That regulation rescinds a rule from the Trump administration, which had in turn narrowed a definition established under President Barack Obama in 2015. [Sponsored Report]

ALSO AROUND FLORIDA:

› Kennedy Space Center's 1st female chief engineer on breaking barriers [Florida Today]
Near the beginning of Teresa Kinney’s career in the early 1980s, she was such a rarity as a female engineer that she recalled being out at NASA test facilities in Maryland and California and not being able to find a women's restroom. Women weren’t part of the initial building design. A lot has changed since then for women engineering, for NASA and for Kinney.

› German autonomous EV maker Holon matches description of Project Link in Jacksonville [Jacksonville Daily Record]
A spinoff of a German automotive group appears to be a leading candidate as Project Link, the electric autonomous vehicle and parts manufacturer considering Jacksonville for a $100 million plant to establish its North American presence. Holon, an almost 3-year-old automotive brand spun off from Germany-based Benteler Automotive Group, is an autonomous, fully electric and inclusive mover that was presented in early 2023 at the Consumer Electronics Show in Las Vegas.

› Sarasota cybersecurity firm adds industry veterans as it gears up for growth [Business Observer]
Nucleus Security has made two additions as the Sarasota-based cybersecurity company readies to scale its operations to meet growing demand. Jeremiah Grossman was appointed to the board of directors, and Tamir Hardof was named chief marketing officer for Nucleus Security, according to a statement the company issued Wednesday. Both have decades of experience in the cybersecurity sector.

› Carnival Cruise Line to downsize Miami headquarters [Commercial Observer]
Carnival wants to spend more time on the sun deck and less in the office. Despite its status as one of the world’s largest cruise lines, Carnival is aiming to downsize from its sprawling 470,000-square-foot headquarters in Miami. For its new space, the company is looking for about 300,000 square feet in the Miami area, a reduction of about 36 percent.

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› Tomato industry stakeholders respond to Florida’s appeal for protectionist policies [Fresh Plaza]
During a recent winter tomato season characterized by poor weather, very limited shipments, and record pricing of $40-plus per carton, Florida's tomato sector says that "U.S. growers' prices are being suppressed." In a submission to the U.S. Department of Commerce (Commerce) on Feb. 29, 2024, the Florida Tomato Exchange (FTE) reiterated its request to terminate the Tomato Suspension Agreement, which has governed tomato imports from Mexico for over 25 years.

› A new high-end condo building in Boca Raton could join others in city’s growing downtown [South Florida Sun-Sentinel]
A high-end condominium building may be coming to one of downtown Boca Raton’s last-remaining vacant lots. If approved, the Concierge would be a 42-unit multifamily project not far from the Mandarin Oriental Hotel and Residences project and near popular shopping spots such as Trader Joe’s and Publix. The project would rise nine stories and feature 74 parking spots, including 60 valet-only parking spots.

› A Florida bar was raided by police for its slot machines. What to know about gambling [Sarasota Herald-Tribune]
There have been a lot of changes in gambling laws in Florida in the last few years, but one thing remains constant: slot machines are illegal unless they're at tribal casinos and pari-mutuels. That doesn't stop people from trying to use them, though. Local law enforcement has been cracking down on adult arcades (sometimes called internet cafes) because some of the games violated the strict slot machine rules in Florida or offer cash prices, which are illegal.

› BP oil spill money to pay for $98.5M high-tech manufacturing center built by FSU [Orlando Sentinel]
Florida State University is in line to receive up to nearly $98.5 million to construct aerospace and advanced manufacturing facilities in Panama City, under a contract approved Wednesday by the Triumph Gulf Coast Board of Directors. In November, the board voted to negotiate terms and a contract for what’s known as the Institute for Strategic Partnerships, Innovation, Research, and Education (InSPIRE) project.