Bill Amendment: FL S1094 | 2015 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Peril of Flood

Status: 2015-05-22 - Chapter No. 2015-69 [S1094 Detail]

Download: Florida-2015-S1094-Senate_Committee_Amendment_657366.html

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       Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1094
       
       
       
       
       
       
                                Ì657366HÎ657366                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Lee) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 128 - 150
    4  and insert:
    5         3. Customized flood insurance must include coverage that is
    6  broader than the coverage provided under standard flood
    7  insurance.
    8         4. Flexible flood insurance must cover losses from the
    9  peril of flood, as defined in paragraph (b), and may also
   10  include coverage for losses from water intrusion originating
   11  from outside the structure which is not otherwise covered by the
   12  definition of flood. Flexible flood insurance must include one
   13  or more of the following provisions:
   14         a. An agreement between the insurer and the insured that
   15  the flood coverage is in a specified amount, such as coverage
   16  that is limited to the total amount of each outstanding mortgage
   17  applicable to the covered property.
   18         b. A requirement for a deductible in an amount authorized
   19  under s. 627.701, including a deductible in an amount authorized
   20  for hurricanes.
   21         c. A requirement that flood loss to a dwelling be adjusted
   22  in accordance with s. 627.7011(3) or adjusted only on the basis
   23  of the actual cash value of the property.
   24         d. A restriction limiting flood coverage to the principal
   25  building defined in the policy.
   26         e. A provision including or excluding coverage for
   27  additional living expenses.
   28         f. A provision excluding coverage for personal property or
   29  contents as to the peril of flood.
   30  
   31  Flexible flood insurance must be acceptable to the mortgage
   32  lender if such policy, contract, or endorsement is intended to
   33  satisfy a mortgage requirement.
   34  	5.4. Supplemental flood insurance may provide coverage
   35  
   36  
   37  ================= T I T L E  A M E N D M E N T ================
   38  And the title is amended as follows:
   39         Delete lines 16 - 19
   40  and insert:
   41         by the division; amending s. 627.715, F.S.;
   42         authorizing flexible flood insurance; specifying
   43         coverage requirements; requiring such insurance to be
   44         acceptable to the mortgage lender if intended to
   45         satisfy a mortgage requirement; deleting a provision