Civil Remedy Notice of Insurer Violations
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Filing Number:     799199
Filing Accepted:  1/3/2025
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Complainant
Last/Business Name *  
BAMBACH   First Name   STEPHANIE AND PETER
Street Address * 2005 N POINTE ALEXIS DRIVE
City, State Zip * TARPON SPRINGS, FL 34689
Email Address * STEPHANIEMSCHUSTER@GMAIL.COM
Complainant Type: * Insured
Insured
Last/Business Name*   BAMBACH   First Name   STEPHANIE AND PETER
Policy # * 12-1063256-04 Claim #* 12-3028574-24
Attorney
Attorney is Applicable
Last Name* BOYD First Name * THOMAS Initial B
Street Address* 350 NORTH LAKE DESTINY ROAD
City, State Zip* MAITLAND , FLORIDA 32751
Email Address * TBOYD@ITSABOUTJUSTICE.LAW
Violation
Insurer Type *   Authorized Insurer Unauthorized Insurer
 
Insurer Name*   TYPTAP INSURANCE COMPANY
NAIC Company Code 15885
 
Name of individual responsible for violation (if any):* SHEILA WYATT
Type of Insurance * Residential Property & Casualty   
Reason for Notice *
Unsatisfactory Settlement Offer
Unfair Trade Practice
* Statutory provision(s) which the insurer allegedly violated.
 
624.155(1)(b)(1) 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.
624.155(1)(b)(3) 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.
626.9541(1)(i)(3)(a) Failing to adopt and implement standards for the proper investigation of claims.
626.9541(1)(i)(3)(b) Misrepresenting pertinent facts or insurance policy provisions relating to coverages at issue.
626.9541(1)(i)(3)(d) Denying claims without conducting reasonable investigations based upon available information.
* Specific policy language that is relevant to the violation.
Enter all words or phrases (one at a time) that should be used to filter.

TypTap possesses a complete copy of the subject insurance policy. The subject policy is an all-risks insurance policy and the applicable policy language is the provision regarding coverage of all risks for the dwelling in Section 1 Perils Insured Against – “We insure against risk of direct loss to property described in Coverages A and B only if that loss is a physical loss to property”, along with the provisions regarding exclusions or limitations to this all-risks provision.
 
* Facts and circumstances giving rise to the violation.
Enter all words or phrases (one at a time) that should be used to filter.

Peter and Stephanie Bambach are homeowner insured(s) with an all-risks policy issued by TypTap Insurance Company (“TypTap”). The insured property or home is located at 2005 N Pointe Alexis Dr, Tarpon Springs, FL 34689 . On or about 10/9/2024, Hurricane Milton caused extensive damage to the Bambach home. The Bambach timely reported an insurance claim for this damage to TypTap and fully cooperated with all requests for inspections. They provided all requested documentation, if any, and complied with all post loss policy conditions. An estimate for repair of all damages with respect to the Bambach’s claim was prepared on their behalf for $169,474.00. After reporting the claim, TypTap retained a biased field adjuster who has a financial relationship with TypTap. This field adjuster inspected The Bambach’s home in an apparent effort to minimize TypTap ’s losses instead of adjusting the claim in good faith in due regard for the Bambach’s interests. The adjuster dramatically undervalued the property, writing an estimate for only $11,212.77, which ultimately resulted in a coverage decision of no payment, as TypTap asserted that the covered amount was below the deductible. Based on these facts, it is clear TypTap unreasonably denied full coverage for Peter and Stephanie Bambach’s claim in bad faith through its biased, incomplete and rigged investigation. TypTap undervalued and failed to make any payment regarding their claim without conducting a reasonable investigation based upon the available information. It misrepresented pertinent policy provisions and facts, and did not act fairly and honestly with the Bambachs in due regard for their interests. TypTap also failed to adopt and implement standards for the proper investigation of his claim. This has become a common business practice of TypTap. Florida Statute § 624.02 defines insurance as a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit based on determinable contingencies. Inherent is the fact that payment must be made timely and promptly so that insureds may mitigate their damages and be put back into the position they were in prior to the loss as quickly as possible. TypTap has breached this duty by refusing to properly and timely adjust the loss. As a result, the Bambachs had no choice but to retain the undersigned counsel and pursue a lawsuit against TypTap. TypTap has more than enough information and is still refusing to accept coverage for this claim. This continued and repeated reckless claim delay and denial of coverage will result in a significant punitive damage award if a bad faith lawsuit is filed. TypTap can avoid a lawsuit for bad faith by immediately accepting coverage under the subject insurance policy for this claim and by paying the Bambachs $85,000 (eighty five thousand dollars), which the Bambachs will accept to settle this claim. Sheila Wyatt, with Griston Claim Management, is the claims adjuster, employees, representatives, agents, vendors, and/or engineers who handled the claim.
Comments
User Id Date Added Comment
claims@typtap.com 03-02-2025 This is TypTap Insurance Company’s (“TypTap”) response to the Civil Remedy Notice of Insurer Violations (“CRN”) filed on behalf of Stephanie and Peter Bambach (“Insured”). After reviewing the CRN, TypTap conducted a thorough review of the subject claim (“Claim”) and confirmed it handled the Claim properly. Ultimately, all issues regarding the Claim, including all issues raised in the CRN, have been resolved via a full and final settlement agreement (“settlement”). Pursuant to the settlement, the Insured signed a full, final and valid release that addresses all claims for bad faith in relation to the Claim. This response to the CRN in no way impairs or otherwise alters the full and final settlement of the Claim. Subject to the foregoing, TypTap denies it committed a violation of any Florida statute prior to the settlement or at any time as alleged in the CRN. TypTap also notes the CRN is deficient as, for instance, it fails to cite relevant statutory provisions along with supporting, specific insurance contract language and facts. Ultimately, as referenced above, TypTap settled all issues regarding the Claim, including any and all issues raised in the CRN, as set forth in the release. Finally, upon request by the Department of Financial Services, TypTap will provide to the Department of Financial Services detailed correspondence TypTap provided to the Insured regarding TypTap’s obligations for the Claim under the insurance contract and the facts of the Claim.
Acknowledgement
* 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.

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DFS-10-363
Rev. 10/14/2008