In recent months, Florida's insurance crisis has mushroomed, spreading quickly from homeowners unable to cope with soaring rates to businesses facing policy cancellations, dwindling coverage and out-of-this-world costs if they can find insurance at all.Hardest hit are small- and medium-size businesses, the backbone of South Florida's regional economy. They are faced with a tough choice: Raise prices and risk losing customers or absorb costs they hadn't anticipated. Some businesses are near default on loans because required insurance isn't available. Expansion plans are on hold or eliminated. Some real estate sales, both commercial and residential, are grinding to a halt.
The insurance industry is cancelling some types of policies everywhere in the US, and the big question remains: are we about to have a nationwide insurance collapse? The end result would almost have to be a massive reformation of tort law, and the elimination of most liability, or hundreds of thousands of businesses would have to shut their doors.
| In possibly unrelated news, the Association of Trial Lawyers of America (ATLA) has just rebranded itself. Everyone give a big Rantburg welcome to.... the American Association for Justice. |
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