Declarations

Underinsured Cannabis

“What I am seeing is that there are insureds that are underinsured. … So, there’s still a lot of insurance to be sold.”

— Curtis Prince, CEO and founder of Flux Insurance Services, said during Insurance Journal’s Insuring Cannabis Summit held in late September 2023. The legal cannabis industry retail sales are expected to grow to more than $33.5 billion in 2023, according to a recent Marijuana Business Daily forecast, with new and expanding markets driving the rapid growth.

Cambria Fire Plea Deal

“What happened in Cambria in May of 2017 was tragic, and we continue to offer prayers for those who were affected. … With this agreement in place, we can devote our full attention to serving our team, community, farmers, and customers with the highest standards of safety and quality.”

— Commented Didion CEO Riley Didion in a statement after his company reached a plea deal that calls for Didion Milling Inc. to pay a $1 million fine and $10.25 million to the estates of the five workers who were killed in a blast at the company’s Cambria, Wisconsin, mill in May 2017. The company agreed to plead guilty to federal charges that employees at a Wisconsin corn plant falsified records in the years leading up to the fatal corn dust explosion.

Texas Drought

“Last year we were lucky enough to start getting widespread rain during the last three weeks of August. … This time around, August didn’t bail us out and September’s been a bit better but certainly not enough to cause widespread improvements.”

— Said Texas State Climatologist John Nielsen-Gammon, referring to the lingering drought that is affecting more than 80% of Texas and causing wildfires, hurting agriculture and drying up water supplies throughout the state. This year’s drought comes less than a year after Texas experienced one of its worst droughts on record in 2022.

Begging, Not Asking

“I’m not asking. I’m begging you to freeze rates for roofing classifications,”

— Ralph Davis, of Streamline Roofing, in Tallahassee, and a member of the Florida Roofing and Sheet Metal Contactors Association, said at a Florida Office of Insurance Regulation hearing to examine a proposed overall, average workers’ compensation rate decrease of 15.1% and a 22% decrease for roofing jobs. Workers’ comp rates have shrunk to such a low level in Florida, at least for some classifications, that they are causing problems and could be masking issues that will lead to higher premiums in coming years, according to the roofing contractors.

Mar-a-Lago Valuation

“That thing would get snapped up for hundreds and hundreds of millions of dollars. … There is zero chance that it’s going to sell for $40 million or $50 million.”

— Said Rob Thomson, owner of Waterfront Properties and a Mar-a-Lago member, about the Palm Beach County tax appraiser’s valuations — ranging from $18 million to $37 million — of former President Donald Trump’s Florida estate and club. The value of Trump’s properties is subject in a civil trial brought by New York’s attorney general, who has accused Trump of over-valuing his assets. Trump has said Mar-a-Lago could be worth at least $420 million and as much as $1.5 billion.

Educate Your Insureds

“I also expect insurers and adjusters to educate their insureds on how the policy impacts debris removal. … The better you can communicate with all pertinent benefits … the less confusion and disruption will occur as the claim progresses.”

— Washington Insurance Commissioner Mike Kreidler wrote in a letter asking insurance companies and adjusters working with communities impacted by the Gray and Oregon Road fires to expedite the approval process for debris removal. Speeding up the process will help assure people impacted by the August wildfires that debris removal is covered, so their rebuilding process can begin quickly, according to Kreidler.

Topics Florida Texas