Monday, November 29, 2010

Who Is Peter Corrigan?

Peter Corrigan has been named to Rick Scott's economic transition team. Corrigan is the president of Florida Family Insurance Company. Attorney Mark Nation blogged about suing and beating Florida Family Insurance Company in court. FFIC refused to pay a sewage claim to Nation's client. FFIC claimed the language of the insurance policy made and "unambiguous exclusion for sewage backups." Nation found that the FFIC made the policy's language ambiguous.

However, based on the language of the policy, I believed that the policy could be read to only exclude sewage backups which originate from a sump. As this was a gravity fed line, there was no sump involved. The court agreed, leaving one very happy condo owner.

Interestingly, upon reviewing the information which Florida Family had previously filed with the Department of Financial Services, Bureau of Rates and Forms, I found that the insurer's policy was a standard ISO policy; however, the insurer had modified this particular part of the policy. By modifying the standard policy, the insurer actually created the ambiguity which led to the confusion. Had the insurance company not modified the standard ISO form, then this loss would have been excluded.

Here is a 2006 video of Corrigan making a request to the Florida government to raise property insurance prices. Corrigan's rate increase request was for 14.1 percent. Representatives from the Office of Insurance Regulation had problems with FFIC not having reinsurance cost numbers to justify the rate increases. FFIC had discrepancies in their numbers.

Fun fact: FFIC was asked the cost discrepancy between the managing general agent compeensation at 18 percent. However, commissions are 19.9 percent. Corrigan did not have an answer for the difference. Go to 32:16 of the video and see for yourself.

Related: Who Is Timothy Kuebler?

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