Senate Bill sb0026A

    Florida Senate - 2004                                  SB 26-A

    By Senator Siplin





    19-511-05                                               See HB

  1                      A bill to be entitled

  2         An act relating to hurricane property insurance

  3         deductibles; amending s. 627.701, F.S.;

  4         limiting application of hurricane deductible

  5         amounts in a calendar year; requiring the

  6         Florida Hurricane Catastrophe Fund to develop a

  7         deductible-loss reimbursement program for

  8         insurance companies; providing an effective

  9         date.

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11  Be It Enacted by the Legislature of the State of Florida:

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13         Section 1.  Subsection (9) is added to section 627.701,

14  Florida Statutes, to read:

15         627.701  Liability of insureds; coinsurance;

16  deductibles.--

17         (9)  With respect to residential property insurance

18  policies, the hurricane deductible amounts set forth in this

19  section shall apply only once during each calendar year,

20  regardless of the number of hurricanes that affect the insured

21  property. The Florida Hurricane Catastrophe Fund shall develop

22  a program to reimburse insurance companies for losses that

23  result due to the application of this subsection.

24         Section 2.  This act shall take effect upon becoming a

25  law.

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CODING: Words stricken are deletions; words underlined are additions.