Bill Amendment: FL S7018 | 2013 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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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_Substitute_Amendment_127374_to_Amendment_671744.html

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       Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SPB 7018
       
       
       
       
       
       
                                Barcode 127374                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: TP            .                                
                  03/07/2013           .                                
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       The Committee on Banking and Insurance (Margolis) recommended
       the following:
       
    1         Senate Substitute for Amendment (671744) 
    2  
    3         Delete lines 699 - 722
    4  and insert:
    5         3. With respect to coverage for personal lines residential
    6  structures:
    7         a. Effective January 1, 2014 2009, a personal lines
    8  residential structure that has a dwelling replacement cost of $1
    9  $2 million or more, or a single condominium unit that has a
   10  combined dwelling and contents replacement cost of $1 $2 million
   11  or more is not eligible for coverage by the corporation. Such
   12  dwellings insured by the corporation on December 31, 2013 2008,
   13  may continue to be covered by the corporation until the end of
   14  the policy term. However, such dwellings may reapply and obtain
   15  coverage if the property owner provides the corporation with a
   16  sworn affidavit from one or more insurance agents, on a form
   17  provided by the corporation, stating that the agents have made
   18  their best efforts to obtain coverage and that the property has
   19  been rejected for coverage by at least one authorized insurer
   20  and at least three surplus lines insurers. If such conditions
   21  are met, the dwelling may be insured by the corporation for up
   22  to 3 years, after which time the dwelling is ineligible for
   23  coverage. The office shall approve the method used by the
   24  corporation for valuing the dwelling replacement costs under
   25  cost for the purposes of this subparagraph. If a policyholder is
   26  insured by the corporation before prior to being determined to
   27  be ineligible pursuant to this subparagraph and such
   28  policyholder files a lawsuit challenging the determination, the
   29  policyholder may remain insured by the corporation until the
   30  conclusion of the litigation.
   31         b. Effective January 1, 2015, a structure that has a
   32  dwelling replacement cost of $900,000 or more, or a single
   33  condominium unit that has a combined dwelling and contents
   34  replacement cost of $900,000 or more, is not eligible for
   35  coverage by the corporation. Such dwellings insured by the
   36  corporation on December 31, 2014, may continue to be covered by
   37  the corporation until the end of the policy term.
   38         c. Effective January 1, 2016, a structure that has a
   39  dwelling replacement cost of $800,000 or more, or a single
   40  condominium unit that has a combined dwelling and contents
   41  replacement cost of $800,000 or more, is not eligible for
   42  coverage by the corporation. Such dwellings insured by the
   43  corporation on December 31, 2015, may continue to be covered by
   44  the corporation until the end of the policy term.
   45         d. Effective January 1, 2017, a structure that has a
   46  dwelling replacement cost of $700,000 or more, or a single
   47  condominium unit that has a combined dwelling and contents
   48  replacement cost of $700,000 or more, is not eligible for
   49  coverage by the corporation. Such dwellings insured by the
   50  corporation on December 31, 2016, may continue to be covered by
   51  the corporation until the end of the policy term.
   52         e. Effective January 1, 2018, a structure that has a
   53  dwelling replacement cost of $600,000 or more, or a single
   54  condominium unit that has a combined dwelling and contents
   55  replacement cost of $600,000 or more, is not eligible for
   56  coverage by the corporation. Such dwellings insured by the
   57  corporation on December 31, 2017, may continue to be covered by
   58  the corporation until the end of the policy term.
   59         f. Effective January 1, 2019, a structure that has a
   60  dwelling replacement cost of $500,000 or more, or a single
   61  condominium unit that has a combined dwelling and contents
   62  replacement cost of $500,000 or more, is not eligible for
   63  coverage by the corporation. Such dwellings insured by the
   64  corporation on December 31, 2018, may continue to be covered by
   65  the corporation until the end of the policy term.