One of the advantages of attending committee meetings is learning bits and pieces of law that may come in handy someday. At the recent meeting here in Orlando of the ABA Property Insurance Law Committee, one of the presenters mentioned that reopened claims must ordinarily be paid within 90 days or they will start to bear interest by statute in Florida. (The rate of interest fluctuates. It is calculated with a formula set out in a separate statute, Fla. Stat. § 55.03.) The failure to pay will be only one fact in any bad faith lawsuit, however, because Florida is a State that decides bad faith questions based on the totality of the circumstances. See Fla. Stat. § 627.70131(5)(a).
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