What is a statute of repose?

A statute of repose is a law that limits the time in which legal action can be taken during an insurance claim. In Florida, the statute of repose restricts the time that people have to make an insurance claim to a certain amount of time, usually four years from the time of the incident. This means that if someone has an insurance claim that is more than four years old, they are not able to pursue legal action for their claim. The purpose of the statute of repose is to protect insurance companies from extended legal proceedings. This also helps to limit costs associated with long-term insurance claims. Additionally, the statute of repose can protect the insured from having their claim denied or the amount of their claim limited due to a lapse in filing. The statute of repose helps to ensure that all claims are handled fairly and in a timely manner.

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What is a statute of repose?

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