Pre-Judgment Interest Per Policy, Not As Penalty.

    A Homeowner's Insurance Company was held liable to pay pre-judgment interest on an Appraisal Award for Hurricane Damage from Hurricanes Katrina and Wilma, from the date that payment became due under the Policy rather than the date on which the Insured's Property was damaged, in Download Sunshine State Insurance Co. v. Davide (Fla. 3d DCA Opinion Filed July 15, 2009), attached slipsheet Opinion of the Court at 2.

    The Insured argued in that case "that withholding a portion of the arbitration award constituted a denial of coverage" such that the Homeowner's Insurer in that case should pay pre-judgment interest from the Date of Loss, an argument which the Florida Appellate Court rejected.  Download Sunshine State Insurance Co. v. Davide (Fla. 3d DCA Opinion Filed July 15, 2009), attached slipsheet Opinion at 3.

    Note that the Court referred interchangeably to the "arbitration award" and to the "appraisal award" in that case.  There was one award, and in the eyes of the Court, in that case "arbitration" was as appropriate an adjective as "appraisal".

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