Tom Gallagher, Florida’s chief financial officer commented on the reactivation, “"The solution I recommended and we approved today will help provide basic coverage to Florida employers who employ thousands of hardworking citizens and serve as the backbone of our economy. There are some real opportunities to provide further relief for Floridians, and fighting for homeowners remains my number one priority."
Cecil Pearce, vice president of American Insurance Association, for the Southeast offered caution, “Insurers consider a commercial JUA to be a temporary, short-term fix for the current availability problems in the commercial property market. Long-term, we urge Florida policymakers to focus on solutions that address the fundamental challenge of attracting sufficient private insurance capital to Florida to support a growing and dynamic state."
I completely agree with Pearce and hope Gallagher and other officials in Florida will heed his advice. Florida businesses can’t rely on the state to sustain the commercial property market.
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