Court Upholds Florida Sinkhole Insurance Loss Rule

March 15, 2013Email ThisPrintNewslettersTweetArticleComments

A Florida court has upheld a decision by state insurance regulators that property insurers must offer sinkhole loss coverage in an amount equal to the dwelling coverage limit.

Farm Bureau asked the Office of Insurance Regulation to approve an amendment to its endorsement form that would limit sinkhole loss coverage to 25 percent of the overall coverage amount. When OIR rejected the Farm Bureau request, the insurer turned to the courts.

The 1st District Court of Appeal said that deductibles are tied to casualty coverage limits in the base policy, concluding the amount of sinkhole loss coverage is intended to be the same as the amount of coverage provided in that policy. Florida property insurers are required to provide catastrophic ground cover collapse in addition to optional sinkhole coverage.

 

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Courts Upholds $28 Million Award in Grand Canyon Skywalk Case

February 13, 2013Email ThisPrintNewslettersTweetArticle1 Comments

A federal court dealt a blow to the business arm of a northern Arizona tribe that owns the Grand Canyon Skywalk by upholding a $28.5 million judgment in favor of a Las Vegas developer who invested the money to build the horseshoe-shaped glass bridge on tribal land.

The ruling by U.S. District Judge David Campbell rejected arguments by the Hualapai Tribe that the award isn’t enforceable, calling one of the arguments “nonsensical” and another “odd.” The American Arbitration Association had determined David Jin is owed the money, mostly for management fees that he was to receive under a 2003 contract with the tribe.

Mark Tratos, an attorney for Jin, said Monday the ruling shows U.S. citizens have recourse in contract disputes with American Indian tribes.

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