Florida courts have uniformly held that "the Valued policy law is founded upon the theory of 'calculated risk,' while the pro rata insurance clauses are based upon the theory of "indemnity.
24) Thus, any complaints as to Mierzwa's interpretation of the valued policy law should be directed at the legislature, not the courts.
1986) (Interpreting Florida's valued policy law, the court held that an insured cannot be held to have been unjustly enriched merely because they pursue their contractual rights which are independent of their statutory rights.
Originally, the valued policy statute applied to both total and partial losses caused by fire or lightning.
In light of the language of the statute and the opinions interpreting and applying that language, a total loss to insured property caused by windstorm is subject to the valued policy law for total losses but not partial losses.
On appeal, the insured argued that the withholding of depreciation until the insured completed the repair work was prohibited by the valued policy law.
The valued policy law was not even mentioned, presumably because the case involved only a partial loss caused by windstorm, not fire or lightning.
702 (3)(b) of Florida's valued policy law limits the application of the first two paragraphs of the statute.
Thus, the goal of the valued policy law, speedy payment of the amount the parties have fixed for the property, would not be advanced by applying it where two or more structures are insured under a blanket form for a single amount of insurance.
Florida's valued policy law is implicated when the insured structure is deemed to be a "total loss.
While the parties agreement may set limits on benefits under the policy, damage which reaches those limits will not implicate the provisions of the valued policy law.
18) Such a designation will also result in an application of Florida's valued policy law.