Filing Number: 781007
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| Filing Accepted: 9/3/2024 |
| Last/Business Name
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FOUNDATION CHURCH
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First Name |
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| Street Address
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13000 TAMIAMI TRAIL |
| City, State Zip
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NORTH PORT,
FL
34287
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| Email Address
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HLAIPPLY@FOUNDATIONFL.COM |
| Complainant Type:
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Insured |
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| Last/Business Name* |
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FOUNDATION CHURCH |
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First Name |
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| Policy # * |
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2022-809288-01 |
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Claim #* |
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SDA22038150 |
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Attorney is Applicable
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| Last Name* |
MCELWEE
First Name *
JARED
Initial
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| Street Address* |
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350 NORTH LAKE DESTINY ROAD |
| City, State Zip* |
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MAITLAND
,
FLORIDA
32751
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| Email Address * |
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JMCELWEE@ITSABOUTJUSTICE.LAW |
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| Insurer Type
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Authorized Insurer
Unauthorized Insurer
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| Insurer Name |
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| Insurer Name* |
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VELOCITY SPECIALTY INSURANCE COMPANY
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| Insurer Name* |
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| Street Address* |
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| City, State Zip* |
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,
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NAIC Company Code 39640 |
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| Name of individual responsible for violation (if any):*
N/A
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| Type of Insurance
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Commercial Property & Casualty
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| Reason for Notice
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Claim Denial
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Claim Delay
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Unsatisfactory Settlement Offer
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Unfair Trade Practice
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Statutory provision(s) which the insurer allegedly violated.
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| 624.155(1)(b)(1) |
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Not attempting in good faith to settle claims when, under all the circumstances, it could and should have done so, had it acted fairly and honestly toward its insured and with due regard for her or his interests.
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| 624.155(1)(b)(3) |
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Except as to liability coverages, failing to promptly settle claims, when the obligation to settle a claim has become reasonably clear, under one portion of the insurance policy coverage in order to influence settlements under other portions of the insurance policy coverage.
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| 626.9541(1)(i)(2) |
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A material misrepresentation made to an insured or any other person having an interest in the proceeds payable under such contract or policy, for the purpose and with the intent of effecting settlement of such claims, loss, or damage under such contract or policy on less favorable terms than those provided in, and contemplated by, such contract or policy.
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| 626.9541(1)(i)(3)(a) |
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Failing to adopt and implement standards for the proper investigation of claims.
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| 626.9541(1)(i)(3)(b) |
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Misrepresenting pertinent facts or insurance policy provisions relating to coverages at issue.
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| 626.9541(1)(i)(4) |
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Failing to pay undisputed amounts of partial or full benefits owed under first-party property insurance policies within 60 days after an insurer receives notice of a residential property insurance claim, determines the amounts of partial or full benefits, and agrees to coverage, unless payment of the undisputed benefits is prevented by factors beyond the control of the insurer as defined in s. 627.70131(5).
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Specific policy language that is relevant to the violation.
Enter all words or phrases (one at a time) that should be used to filter.
The following policy provisions are relevant to this civil remedy notice:
A. Coverages - 1. Coverage A
A. Coverages - 3. Coverage D
B. Covered Causes of Loss
C. Additional Coverages - 3. Debris Removal; 8. Fungus, Mold(s), Mildew, Spores, or Yeast; 18. Ordinance or Law
H. Property Loss Conditions - 3. Arbitration Clause and Choice of Law; 11. Settlement of Claims; 15. Loss Settlement Conditions
Additional Coverages & Sublimit Options Endorsement
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Facts and circumstances giving rise to the violation.
Enter all words or phrases (one at a time) that should be used to filter.
Foundation Church is a house of worship located in North Port, Florida. On or about September, 28, 2022, Foundation Church, suffered damage to their property located at 13000 Tamiami Trail North Port, FL 34287 as a result of a Hurricane Ian. Hurricane Ian came ashore as catastrophic Category 4 Hurricane with winds estimated to be 149 MPH by NOAA. Winds at Foundation Church during the passage of Hurricane Ian were estimated to be 125 MPH.
Prior to the loss, Independent Specialty Insurance Company, now known as Velocity Specialty Insurance Company, had issued a property insurance policy to Foundation Church along with several other insurers under Certain Underwriters at Lloyd's and Other Insurers Subscribing to Binding Authority B604510568622021 (collectively referred to hereafter as the “Insurers”). Said policy, which was in full force and effect at the time of the loss, afforded coverage for damage caused by Hurricane Ian.
Independent Specialty Insurance Company was timely notified of the loss by the Foundation Church and assigned claim number SDA22038150 to the loss. During the course of Insurers’ investigation, the Foundation Church made their property available for inspection, provided facts and information surrounding the loss, and complied with the Insurers’ adjustment of the claim.
Despite fully cooperating with Insurers’ investigation and the Insurer’s acknowledging Foundation Church’s property suffered significant damage due to the storm, they inexplicably failed to issue the full amount of benefits needed to fix damaged property caused by the storm. Instead, the Insurers intentionally undervalued the scope and cost of necessary repairs even though there was clear evidence additional benefits that were owed. The Insurers came to their coverage determination by ignoring relevant facts and information provided by Foundation Church’s public adjuster that proved additional moneys were needed to fix damage caused by the storm. Most concerning, Insurers and their representatives purposely downplayed the extent of the damage and misrepresented the total cost of repairs to avoid tendering the full amount of benefits it knew was owed pursuant to the terms of the policy. The Insurers intentionally omitted key facts from its coverage decision and misrepresented that some of the damages claimed were pre-existing or were otherwise excluded from coverage without any supporting evidence. As a result of Insurers’ flawed investigation, Foundation Church did not receive all of the insurance benefits owed to fix damaged property.
The Insurers failures do not end there. Unbeknownst to Foundation Church at the time, the Insurers had amended the terms of Foundation Church’s policy to require them to partake in mandatory arbitration. This resulted in Foundation Church being stripped of their legal rights under Florida law and being forced to participate in a drawn-out arbitration process that has only further delayed resolution of their claim.
The Insurers’ actions are part of a broader concerted effort to delay resolution of Foundation’s claim and other Hurricane Ian claims throughout Florida. The delays have left Foundation Church without the funds needed to bring their property to its pre-loss condition. The delay has also caused Foundation Church to pay significant increases to the Insurers while the await the remaining benefits owed to them. Foundation Church has no choice but to continue to pay the increased premiums charged by the Insurers because they are unable to find new insurance with unrepaired damage to their property and an open and still pending claim. There is no doubt that the Insurers know their actions have left Foundation Church left between the proverbial rock and a hard place and are intended to leverage a difficult set of circumstances against a church in hopes of obtaining the best possible financial outcome for themselves.
Independent Specialty Insurance Company, or how it is now known as, Velocity Specialty Insurance Company and Certain Underwriters at Lloyd's and Other Insurers Subscribing to Binding Authority B604510568622021 have not acted honestly or fairly towards its Foundation Church. The Insurers and their representatives have failed to conduct a proper investigation of the loss, misrepresented the scope of damages and repairs, and misapplied policy provisions to wrongfully reduce payment for Foundation Church’s claim. It has become a general business practice of the Insurers to not implement proper claims handling procedures, to hire consultants that routinely ignore or intentionally misidentify relevant evidence, and to not settle claims in good faith when under all circumstances it should have. As is the case here, it is a pattern and practice for Insurers to arbitrarily deny portions of claims without conducting reasonable investigations based upon information and evidence available to it. The Insurers then utilize arbitration to further delay resolution of the claim all the while increasing the premiums charged to its insureds like Foundation Church. The Insurers’ actions are part of a broader scheme to delay claims and avoid issuing payment it knows is still owed to Foundation Church and its other claimants. The Insurers’ actions are widespread sufficient to constitute a general business practice.
In order to cure this civil remedy notice, Independent Specialty Insurance Company n/k/a Velocity Specialty Insurance Company must acknowledge that the Foundation Church’s property was damaged by a Hurricane event and that additional benefits are owed. Insurers must also tender the full remaining contractual amount owed based on Foundations’ estimate of $4,242,292.00, less any prior payments and applicable deductibles, subject to the terms of the policy. Payment should be issued to the “Cohen Law Group Trust Account f/b/o Foundation Church.” The written explanation of benefits and payment should be sent to the Foundation Church’s counsel’s office at 350 N. Lake Destiny Road, Suite 300, Maitland, FL 32751. This notice is given in order to perfect the right to pursue the civil remedy authorized by Section 624.155, Florida Statutes.
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The submitter hereby states that this notice is given in order to perfect the rights of the
person(s) damaged to pursue civil remedies authorized by Section 624.155, Florida Statutes.
Before submitting a Notice using this system, please verify that all text has been entered
correctly and completely. Once the Notice has been submitted, the text cannot be changed
or deleted.
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DFS-10-363
Rev. 10/14/2008
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