Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 120326
CHAMBER ACTION
Senate House
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05/05/2005 08:33 PM .
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11 Senator Campbell moved the following amendment:
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13 Senate Amendment
14 On page 57, lines 23-29, delete those lines
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16 and insert:
17 (b) The legislative intent of this subsection is to
18 ensure payment of policy benefits due in the event of a total
19 loss without allowing an insured to receive any payments
20 exceeding those necessary to repair, rebuild, or replace the
21 insured structure, as may be necessary following a total loss.
22 In furtherance of this intent, when a loss is caused in part
23 by a covered peril and in part by a non-covered peril, the
24 insurer's liability under this section shall be for the amount
25 of money for which the property was insured, but if payment of
26 this amount would exceed the amount necessary to repair,
27 rebuild, or replace the structure, as may be necessary
28 following a total loss, the insurer's liability shall be in
29 the lesser amount as would, when added together with all other
30 benefits actually paid for the subject loss, satisfy the total
31 cost to repair, rebuild, or replace the structure.
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8:12 PM 05/02/05 s1488c2b-32-tj9