One of RIA’s top priorities is to keep the industry, and its members, abreast of issues that will impact their businesses. RIA sends out alerts, publishes a monthly magazine and a weekly e-newsletter to educate members and others in the insurance restoration industry, holds webinars, sponsors conferences, courses and a convention and travels to various industry events to meet with members face-to-face.
A recent ruling by the Supreme Court of Florida should have a positive effect on restoration contractors who also serve as general contractors. In Trinidad v. Florida Peninsula insurance Company, the Supreme Court said, “…we hold that an insurer’s required payment under a replacement cost policy includes overhead and profit, where the insured is reasonably likely to need a general contractor for the repairs, because the insured would be required to pay costs for a general contractor’s overhead and profit for the completion of repairs in the same way the insured would have to pay other replacement costs he or she is reasonably likely to incur in repairing the property…”