Blog Archives

Florida Property Manager’s Insurable Interest Is Limited To Its Fees

In Banta Properties, Inc. v. Arch Specialty, Ins. Co., —Fed.  Appx.— , 2014 WL 274478 (11th Cir., January 24, 2014), the Eleventh Circuit recently  held that a property manager’s insurable interest in the apartment complexes that it managed was limited to the income that it was entitled to receive under its contracts with the buildings’ owners.  Under Florida statutes, the measure of insurable interest is the loss that the policyholder might sustain from damage to the property, and that was held to preclude the property manager from asserting such an interest and recovering on its own behalf for the property damage that the apartments sustained from Hurricane Wilma. In October of 2005, Hurricane Wilma damaged three apartment complexes in Broward

Tagged with:
Posted in Additional Insureds, Hurricane, Insurable Interest
About The Property Insurance Law Observer
For more than four decades, Cozen O’Connor has represented all types of property insurers in jurisdictions throughout the United States, and it is dedicated to keeping its clients abreast of developments that impact the insurance industry. The Property Insurance Law Observer will survey court decisions, enacted or proposed legislation, and regulatory activities from all 50 states. We will also include commentary on current issues and developing trends of interest to first-party insurers.
Stay Connected

Email:

Topics
Cozen O’Connor Blogs