Navigation Owner of Cambo Ferry Law Firm: House Bill 1551 ‘creates more questions than answers’
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.
