8 Fla. L. Weekly Supp. 485b
Insurance — Fire — Surplus lines carrier and unauthorized insurer — Security — Bond or deposit of cash or securities into court registry — Amount
BAMBOO GARDEN OF ORLANDO, INC. d/b/a BAMBOO GARDEN, a Florida corporation, Plaintiff, vs. OAK BROOK PROPERTY & CASUALTY COMPANY, a foreign corporation, Defendant. Circuit Court, 9th Judicial Circuit in and for Orange County, Civil Division. Case No. CI 96-2640. May 10, 2001. Jeffords D. Miller, Judge. Counsel: James J. Dowling, Law Offices of Berger and Dowling, Palm Harbor; and C. Richard Newsome, Overchuck, Newsome & Denault, Orlando, for Plaintiff. Andrew P. Rock, Kingsford & Rock, P.A., Maitland, for Defendant.
ORDER DIRECTING FILING OF SECURITY
THIS CAUSE having come on to be heard before the Court upon Plaintiff’s Motion to Require Deposit of Funds, and the Court having reviewed the motion and file and heard argument of counsel on April 4, 2001 and otherwise being fully advised in the premises, the Court finds:
1. This case arose out of a fire loss suffered by Plaintiff at its restaurant in Orlando, Florida.
2. Plaintiff claims the proceeds of a policy of insurance issued by defendant insuring against, among other things, fire loss. The stated limits of liability under the policy is $50,000.
3. Litigation over the insurance contract was initiated in 1996 and continues through the present and involves various third party claims and associated lawsuits and appeals.
4. Defendant is a surplus lines carrier and an authorized [sic] insurer under Section 626.908, Florida Statutes.
5. Pursuant to Section 626.908, Defendant is compelled to file cash, securities, or a bond in an amount sufficient to secure the payment of any final judgment which may be rendered in the instant case.
6. Some three years ago Judge Conrad ruled that in view of the substantial amount of potential liability for attorney’s fees and costs, in addition to the policy limits, that the appropriate amount of security at that time in this case was $200,000. This amount was deposited but was released because of the entry of judgment against the Plaintiff. Subsequent to that ruling a substantial amount of additional litigation has occurred including a successful interlocutory appeal by Plaintiff to the 5th District Court of Appeal reversing the judgment entered against it. It is therefore
ORDERED AND ADJUDGED that:
Defendant shall file with the court evidence of a bond in the amount of $300,000, or deposit cash or securities in a like amount or value into the registry of the court within fifteen (15) days of entry of this order. Any such bond or registry deposit shall secure the payment of any final judgment which may be rendered in this case.
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