Filing Number: 794313
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| Filing Accepted: 11/26/2024 |
| Last/Business Name
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SUBRAHMANIAN
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First Name |
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JAYRAM AND RAJALAKSHMI |
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| Street Address
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11851 NW 10TH PL |
| City, State Zip
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CORAL SPRINGS,
FL
33071
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| Email Address
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SDC@WEKLAW.COM |
| Complainant Type:
*
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Insured |
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| Last/Business Name* |
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SUBRAHMANIAN |
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First Name |
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JAYRAM AND RAJALAKSHMI |
| Policy # * |
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EDH5339178-01 |
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Claim #* |
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EDI962271 |
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Attorney is Applicable
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| Last Name* |
CHOKSHI
First Name *
SAURIN
Initial
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| Street Address* |
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800 EAST BROWARD BOULEVARD, SUITE 510 |
| City, State Zip* |
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FORT LAUDERDALE
,
FLORIDA
33301
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| Email Address * |
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SDC@WEKLAW.COM |
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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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EDISON 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 12482 |
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| Name of individual responsible for violation (if any):*
MARK TISHMAN
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| Type of Insurance
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Residential 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)(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)(3)(c) |
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Failing to acknowledge and act promptly upon communications with respect to claims.
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| 626.9541(1)(i)(3)(d) |
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Denying claims without conducting reasonable investigations based upon available information.
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| 626.9541(1)(i)(3)(e) |
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Failing to affirm or deny full or partial coverage of claims, and, as to partial coverage, the dollar amount or extent of coverage, or failing to provide a written statement that the claim is being investigated, upon the written request of the insured within 30 days after proof-of-loss statements have been completed.
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| 626.9541(1)(i)(3)(f) |
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Failing to promptly provide a reasonable explanation in writing to the insured of the basis in the insurance policy, in relation to the facts or applicable law, for denial of a claim or for the offer of a compromise settlement.
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| 626.9541(1)(i)(3)(g) |
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Failing to promptly notify the insured of any additional information necessary for the processing of a claim.
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| 626.9541(1)(i)(3)(h) |
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Failing to clearly explain the nature of the requested information and the reasons why such information is necessary.
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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 Loss Payment/Loss Settlement provision found in the homeowner's policy authorizes payment in the event of a covered loss to insured property.
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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.
At all times material hereto, Edison Insurance Company (“Edison”) insured Jayram and Rajalakshmi Subrahmanian’s (the “Insureds”) home under a policy of insurance. The subject policy provides coverage for sudden and accidental losses and damages arising from water claims/windstorms/hurricanes. The loss payment provision and governing law provides that the insurer has a fiduciary duty to in good faith promptly investigate, adjust, and issue payment of the undisputed amount of the loss and damages. See Doe v. Allstate Ins. Co., 653 So. 2d 371, 374 (Fla. 1995) (stating that the obligation of insurance company toward insured is a "fiduciary duty requiring the exercise of good faith").
Edison failed to pay the insureds’ claim under the homeowners’ insurance policy when, under all of the circumstances, it could and should have done so, had it acted fairly and honestly and with due regard for the interests of insured. Edison failed to act with diligence and thoroughness in investigating the facts specifically pertinent to coverage. Edison failed to attempt to settle the liability claim in the face of the coverage dispute. Edison failed to assess the substance of the coverage dispute or the weight of legal authority on the coverage issue.
Edison has a regular business practice of failing to adequately evaluate its policyholder’s claims and undervalues the claims to save itself money. It is clear that the insurer’s general business practice of willful, wanton, immoral, deceptive and bad faith claim handling policies, procedures, adjusting, investigating has caused the insured to suffer further harm and extra-contractual damages which have accrued, and will continue to accrue. That said, and even though Edison knows that it has a fiduciary duty to promptly adjust insurance claims, it failed to institute the necessary policies, procedures, guidelines and protocols to adjust insurance claims promptly and pursuant to the policy’s Loss Payment Provision. By way of cited legal authorities and considerations, Edison knew that it had an obligation to treat all insureds equally and honestly. However, and for their own financial interest, they will only start to fully consider their obligations as stated herein if the insured retains legal representation and pursues a legal action which exposes them to liabilities and costs. Even then, they will withhold monies owed in an unjust effort to limit/delay their liabilities in relation to the statutory considerations and otherwise.
To cure the above stated immoral, deceptive, unlawful and generally described bad faith conduct which is part of a general business practice that is knowingly being utilized by Edison for self-gain, Edison must:
(1) accept coverage for the subject claim;
(2) promptly make payment pursuant to the policy’s Loss Payment/Loss Settlement Provision for covered damages in the amount of $334,004.00
(3) tender interest on any overdue payments; and
(4) acknowledging liability for taxable cost and reasonable attorneys in the pending lawsuit.
Comments
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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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