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Florida Assignment of Benefits: Is the End Finally in Sight?
For many years, the Florida property insurance market has been waiting for relief to its number one problem – assignment of benefits (AOB). It’s a problem that has affected both insurance companies and policyholders alike. Governor Ron DeSantis and Florida Insurance Commissioner David Altmaier have asked the Florida Legislature to enact reform, and they have finally delivered by passing CS/CS/HB 7065. Pinnacle has been following this issue for many years and it has been a main topic in multiple presentations, including our State of the Florida Homeowners Market APEX webinars.
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Lemonade at the Close of 2018
James Wencil May 09, 2019 Posted in: Blog Posts, Homeowners, Insurance / Insurers
Lemonade Insurance Company is making noise in the homeowners and renters insurance markets as a pioneer in the Insurtech space. Lemonade opened its doors in 2016, supercharged with venture capital horsepower, strategic partnerships with global reinsurance giants, and an idea. Management aimed to take a fresh perspective on homeowners insurance by leveraging high-tech and behavioral economics. Not only is the front end of the insurance process automated, but so is the claims handling process. Utilizing artificial intelligence (AI) and blockchain-backed anti-fraud algorithms, Lemonade is able to pay out 25% of claims in three seconds of receiving first notice of claim. The remaining claims are handled by Lemonade’s claim department staffed by human beings. 
Sharing is Caring... But What About the Risks?
Chris Cortner December 20, 2018 Posted in: Blog Posts, General, Homeowners, Personal Lines, Ridesharing
The ease of entry into the sharing economy has introduced new risks to many who would have otherwise been full- or part-time employees unconcerned by business operational liabilities. These days, just about anyone can be on either side of the equation – as a service provider or purchaser. Among the most popular of these activities are ride sharing, home sharing, car sharing and on-demand labor. Here are some typical risk solutions for them.
Where There’s Fire, There’s Smoke
Linda Brobeck November 27, 2018 Posted in: Blog Posts, General, Homeowners, News
We’ve all heard the old adage, “Where there’s smoke, there’s fire,” but the reverse is now top of mind for those of us in northern California. Since November 8th, the Camp Fire in Butte County has burned over 150,000 acres, over 17,000 structures and has claimed over 80 lives, with several hundred souls still missing. While I certainly don’t want to downplay the fire’s devastation, I do want to draw attention to another dangerous matter: the air pollution it has generated.
Parametric Insurance: A New Spin on an Old Product
During this year’s Pinnacle University (Pinnacle U) event, we presented an overview of parametric insurance. Unlike traditional insurance coverage, parametric insurance is not an indemnification product. Instead, it determines a benefit payable in advance of the policy purchase by estimating the loss as accurately as possible, subject to certain conditions being satisfied. The cost of the policy is based on a pre-determined trigger. Examples might include maximum sustained wind speed for hurricane coverage or earthquake magnitude as measured by the Richter scale.
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