This year, The Fund and Old Republic National Title Insurance Company are leading the charge to support important legislation that will ensure Florida citizens have ready access to local title insurance agents, including attorney agents. As described in the February 2014 Concept, the need for this legislation was created by the Florida Supreme Court’s significant limitation of the economic loss rule and decades of precedent in its March, 2013 decision: Tiara Condominium Association, Inc. v. Marsh & McLennan Companies, Inc., 110 So.3d 399 (Fla. 2013).
In filing HB 321 and SB 570, Rep. Kathleen C. Passidomo and Sen. Bill Galvano recognized the threat to the public’s access to title insurance presented by the Florida Supreme Court decision and its possible increase in tort exposure to title insurance agents. The bills seek to return consumers to the status quo enjoyed prior to the Tiara Condominium decision.
Both bills have passed all committees and are moving to the floor of each chamber. Fund Members, we encourage you to contact your local representatives in support of this important legislation. You may find your local legislator at myfloridahouse.gov or flsenate.gov.
Please contact Fund Sr. Vice President and General Counsel Ted Conner, with any questions or concerns at tconner@thefund.com