Supreme Court: Policyholders’ rights restricted after insurer goes broke
State law limits a homeowner’s 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 doesn’t matter if the policy was issued before a statute constraining the association’s obligation took effect, Justice Charles Canady wrote for a unanimous court. “When obtaining an insurance policy, the policyholder obtains no vested right to a future government bailout if the insurer becomes insolvent,” Canady wrote. The…
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