Florida’s Statute of Repose and Insurance Claims: What Policyholders Should Know
Recent changes to Florida’s statute of repose have significant implications for policyholders and their insurance claims. Understanding these changes is crucial for protecting your rights and ensuring that your claims are timely and valid. At Bleakley Bavol Denman & Grace in Tampa, Florida, we can help you understand the impact of the updated statute of repose.
Understanding the Statute of Repose
The statute of repose is a legal provision that sets a maximum time limit within which claims can be brought, regardless of when the harm or defect is discovered. This is different from the statute of limitations, which starts running when the harm is discovered. The statute of repose aims to provide certainty and finality, limiting the time during which potential defendants can be sued.
Recent Changes in Florida’s Statute of Repose
Florida’s recent amendments to the statute of repose, particularly in the context of construction defect claims, have altered the legal landscape. Previously, the statute of repose for construction-related claims was 10 years, but recent changes have reduced this period to 7 years. This adjustment affects when policyholders must file claims related to construction defects, product liability, and other issues.
Impact on Insurance Claims
The changes to the statute of repose directly impact insurance claims in several ways:
- Timeliness of Claims: Policyholders must now be more vigilant about the timing of their claims. With a reduced timeframe, any delays in discovering and reporting defects or issues can result in the forfeiture of the right to claim.
- Coverage Disputes: Insurers may use the shorter statute of repose as a defense to deny claims. If a claim is filed after the repose period, the insurer can argue that the claim is time-barred, potentially leaving policyholders without coverage for their losses.
- Evidence Preservation: The shorter timeframe necessitates quicker action in gathering and preserving evidence. Policyholders need to document defects and issues promptly to ensure they have the necessary proof to support their claims within the statute of repose period.
Advice for Policyholders
Given these significant changes, policyholders need to take proactive steps to protect their rights and ensure their claims are valid. One tip is to conduct regular inspections and maintenance of your property. This helps in early detection of potential defects and issues, allowing you to file claims well within the statute of repose period. If you discover a defect or issue, act quickly to file your claim. Delays can be detrimental, especially with the reduced timeframe under the new statute of repose.
Additionally, keep detailed records of all inspections, repairs, and communications related to your property. Documentation can be crucial evidence if you need to file a claim.
Finally, regularly review your insurance policies to understand the coverage and any limitations related to the statute of repose. Make sure your policy adequately covers potential issues that could arise within the repose period.
Seek Legal Assistance Today
The recent changes to Florida’s statute of repose present new challenges for policyholders, especially concerning the timeliness and validity of insurance claims. By understanding these changes and taking proactive measures, policyholders can better protect their rights and ensure they receive the coverage they are entitled to. If you have concerns about how the statute of repose may affect your insurance claims, consulting with experienced Tampa insurance defense lawyers, like those at Bleakley Bavol Denman & Grace, can provide valuable assistance and peace of mind.
Source:
flsenate.gov/Session/Bill/2023/360
