State law limits a homeowners rights under a sinkhole policy once the insurer becomes insolvent and the claim goes to the Florida Insurance Guaranty Association, the Florida Supreme Court ruled Thursday.
It doesnt matter if the policy was issued before a statute constraining the associations obligation took effect, Justice Charles Canady wrote for a unanimous court.
When obtaining an insurance policy, the policy holder obtains no vested right to a future government bailout if the insurer becomes insolvent, Canady wrote.
The Legislature created the association, often referred to as FIGA, to pay at least a portion of any claim against an insolvent insurance company, the court said.
Every company that sells insurance in Florida mu…
Read the full article at: http://floridapolitics.com/archives/225066-court-figa
