Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 1488
                        Barcode 263884
                            CHAMBER ACTION
              Senate                               House
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       05/05/2005 08:22 PM         .                    
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11  Senator Klein 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 prompt payment of policy benefits due in the event of a
19  total loss without allowing an insured to receive payments
20  exceeding those necessary to repair, rebuild, or replace the
21  insured structure, as may be necessary following the total
22  loss. In furtherance of such intent, when a loss is caused in
23  part by a covered peril and in part by a noncovered peril, if
24  the covered peril was a legal contributing cause of the total
25  loss, the insurer's liability under this section shall be for
26  the amount of money for which such property was insured.
27  However, if payment of such amount would exceed the amount
28  necessary to repair, rebuild, or replace the structure, as may
29  be necessary following the total loss, the insurer's liability
30  shall be in such lesser amount as would, when added together
31  with all other benefits actually paid for the subject loss,
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    5:16 PM   05/02/05                             s1488c2b-30-z6v


    Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 1488
                        Barcode 263884
 1  satisfy the total cost to repair, rebuild, or replace the
 2  structure. When two or more insurance companies are liable for
 3  a total loss, there shall be a right of contribution against
 4  any other liable insurance company which vests upon payment to
 5  the insured of funds sufficient to repair, rebuild, or replace
 6  the insured structure.
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    5:16 PM   05/02/05                             s1488c2b-30-z6v