The insurer argued it couldn’t retroactively apply the assignment to the contractor because the policy was issued before the new statute was passed.
The U.S. Court of Appeals for the 11th Circuit has joined courts across the country in siding with an insurer against businesses trying to recoup profits lost during the COVID-19 pandemic.
The state-backed Florida insurer has seen a huge uptick in policies the last two years, which has meant an increase in litigation costs, as well.
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