Katelyn Ferry, partner and owner of Cambo Ferry, expressed her concerns regarding House Bill (HB) 1551, stating that it should not progress until existing reforms are fully realized. This statement was made on LinkedIn on March 14.
"Yesterday, I had the honor of testifying before the Florida House in opposition to HB 1551," said Ferry, Partner/Owner, according to LinkedIn. "I too am a consumer, and I too wish to stabilize the insurance market. The bill as drafted creates more questions than answers and will lead to needless litigation that our Florida legislature worked so tirelessly to fix. We need time to allow the 2021 and 2022 legislative changes to manifest."
According to a white paper by Cambo Ferry, the 2022 property insurance reforms in Florida have led to a notable reduction in litigation. Before these reforms, Florida accounted for nearly 80% of the nation's homeowner insurance lawsuits while representing only 9% of total claims. Post-reform data from clients indicate a 50-60% decrease in litigation, with over 60% of claims that received a Notice of Intent to Initiate Litigation being resolved through this process.
DocuSign reports that insurers are increasingly adopting consolidated systems and low-code tools to enhance speed-to-market. This approach allows for rapid innovation and adaptation to market changes, enabling insurers to offer new products and services more efficiently. Such technological advancements are becoming essential for maintaining competitiveness in the evolving insurance landscape.
Ferry is a partner and owner at Cambo Ferry, PLLC, a Florida-based law firm specializing in insurance defense and civil litigation. She has actively participated in legislative processes, including testifying before the Florida House to express opposition to HB 1551. Ferry advocates for the effectiveness of recent insurance reforms and emphasizes the importance of allowing prior legislative changes to take full effect before introducing new measures that could destabilize the insurance market.
Cambo Ferry, PLLC is involved in analyzing and responding to legislative developments affecting the insurance industry. The firm published a white paper opposing HB 1551 and advocates for allowing recent statutory reforms to fully manifest before implementing new legislation that could impact the stability of Florida's property insurance market.