Bill Amendment: FL S7018 | 2013 | Regular Session

Florida Senate Bill 7018 (Prior Session Legislation)

NOTE: For additional amemendments please see the Bill Drafting List

Bill Title: Property Insurance

Status: 2013-03-08 - Submit as committee bill by Banking and Insurance (SB 1770) [S7018 Detail]

Download: Florida-2013-S7018-Banking_and_Insurance_Committee_Amendment_671744.html

       Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SPB 7018
       
       
       
       
       
       
                                Barcode 671744                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: RS            .                                
                  03/07/2013           .                                
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       The Committee on Banking and Insurance (Margolis) recommended
       the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 699 - 722
    4  and insert:
    5         3. Except for wind-only coverage Effective January 1, 2009,
    6  a personal lines residential structure that has a dwelling
    7  replacement cost of $600,000 $2 million or more, or a single
    8  condominium unit that has a combined dwelling and contents
    9  replacement cost of $600,000 $2 million or more, is not eligible
   10  for coverage by the corporation. To be eligible for wind-only
   11  coverage the dwelling replacement cost for a personal lines
   12  residential structure, or the combined dwelling and contents
   13  replacement cost for a single condominium unit, may be:
   14         a. Beginning July 1, 2013, no more than $1 million.
   15         b. Beginning January 1, 2014, no more than $800,000.
   16         c. Beginning January 1, 2015, no more than $600,000. Such
   17  dwellings insured by the corporation on December 31, 2008, may
   18  continue to be covered by the corporation until the end of the
   19  policy term. However, such dwellings may reapply and obtain
   20  coverage if the property owner provides the corporation with a
   21  sworn affidavit from one or more insurance agents, on a form
   22  provided by the corporation, stating that the agents have made
   23  their best efforts to obtain coverage and that the property has
   24  been rejected for coverage by at least one authorized insurer
   25  and at least three surplus lines insurers. If such conditions
   26  are met, the dwelling may be insured by the corporation for up
   27  to 3 years, after which time the dwelling is ineligible for
   28  coverage.
   29  
   30  The office shall approve the method used by the corporation for
   31  valuing the dwelling replacement costs under cost for the
   32  purposes of this subparagraph. If a policyholder is insured by
   33  the corporation before prior to being determined to be
   34  ineligible pursuant to this subparagraph and such policyholder
   35  files a lawsuit challenging the determination, the policyholder
   36  may remain insured by the corporation until the conclusion of
   37  the litigation.
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40         And the title is amended as follows:
   41         Delete line 40
   42  and insert:
   43         structures that can be covered by the corporation and
   44         distinguishing between non-wind-only coverage and
   45         wind-only coverage;