Guy Frakers, cre8tfutures Advisory
Sponsored by The Insurance Journal
This new report, highlighted in Amy O’Connor’s recent Insurance Journal article, was commissioned on behalf of Florida citizens, and Florida’s economy to meet 2 objectives:
- Determine the validity of a perceived P&C market crisis and if proven, determine the root
- Define viable public policy solutions in order to provide residential property owners in Florida
with reliable, available, affordable, and adequate P&C insurance to meet their needs, while also
returning the P&C sector to a viable growth sector benefiting Florida’s economy.
Florida Chamber of Commerce
Lawsuit abuse in Florida is an increasingly serious and expensive problem, and it keeps getting worse. Florida’s families and businesses are burdened with a $4,442 “tax” due to higher costs of living. In order to change Florida’s “Judicial Hellhole” reputation, we must continue to push for a better legal climate and say “no” to special interest agendas of billboard trial lawyers.
Institute for Legal Reform
The 2019 Lawsuit Climate Survey: Ranking the States, by the U.S. Chamber Institute for Legal Reform, ranks the Florida 46 out of 50. Florida is one of the top five worst states for unfair and unreasonable legal environments.
The Perryman Group
On the other hand, a flawed civil justice system which generates exorbitant levels of damages or numbers of awards and which is unpredictable in its outcomes may result in negative impacts through the misallocation of society’s scarce economic and human resources. When such imbalances occur, tort reform can lead to substantial economic benefits, and states which have implemented reforms have seen improved judicial efficiency and measurable improvement in economic performance.
Florida Justice Reform Institute
Florida courts now routinely award attorney’s fee awards which double or triple what attorneys would otherwise receive as fees under a typical billable hour arrangement. As Justice Canady recommended in Joyce, Florida must reexamine the need for contingency fee multipliers, as they more often fail to serve the purposes for which they were designed—to ensure litigants have access to counsel—and instead simply “improve the financial lot of lawyers.”