FOR IMMEDIATE RELEASE
May 26, 2022
Logan Elizabeth Padgett
THE JAMES MADISON INSTITUTE STATEMENT ON SPECIAL SESSION ON PROPERTY INSURANCE
TALLAHASSEE – The James Madison Institute commends Governor DeSantis and legislators for taking a solid first step in addressing Florida’s property insurance crisis with the passage and signing of reform proposals aimed to begin the process of curbing our out-of-control litigation environment.
“Billboard trial attorneys have created a situation that is driving out insurers and driving up rates for consumers. Through their leverage of Florida’s existing litigation rules, they have turned our insurance market on its head for their own greed. I applaud the forward progress our legislative leaders have made this week and encourage future leadership to not let the momentum subside – this is absolutely a challenge that will require more effort in the coming years” – Sal Nuzzo, Vice President of Policy.
The reforms enacted in this special session will establish greater control over runaway litigation through restricting the use of one-way attorney fees and contingency fee multipliers – two of the biggest drivers in meritless lawsuits.
“We have seen what can happen when bad actors can conspire to game the rules – the market collapses and everyone pays more except those operating the scam. Thank you Governor DeSantis for calling this special session and beginning what we hope to be an ongoing policy reform path toward market sanity” – Dr. Robert McClure