Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. PCS for SB 1488 (060960)
                        Barcode 492982
                            CHAMBER ACTION
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11  The Committee on Banking and Insurance (Campbell) recommended
12  the following amendment:
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14         Senate Amendment (with title amendment) 
15         On page 56, lines 1 through 7, delete those lines
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17  and insert:  
18         (b)  The legislative intent of this subsection is to
19  ensure payment of policy benefits due in the event of a total
20  loss without allowing an insured to receive any payments
21  exceeding those necessary to repair, rebuild, or replace the
22  insured structure following total loss.  In furtherance of
23  this intent, when a loss is caused in part by a covered peril
24  and in part by a noncovered peril, the insurer's liability
25  under this section shall be for the amount of money for which
26  the property was insured. However, if the payment of this
27  amount exceeds the amount necessary to repair, rebuild, or
28  replace the structure following total loss, the insurer's
29  liability shall be in such lesser amount as would, when added
30  together with all other benefits actually paid for the subject
31  loss, satisfy the total cost to repair, rebuild, or replace
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    2:19 PM   04/04/05                             s1488c-bi32-t8h


    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. PCS for SB 1488 (060960)
                        Barcode 492982
 1  the structure.
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 4  ================ T I T L E   A M E N D M E N T ===============
 5  And the title is amended as follows:
 6         On page 4, lines 1 through 4, delete those lines
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 8  and insert:
 9         insurance claim; amending s. 627.702, F.S.;
10         providing legislative intent to ensure payment
11         of policy benefits due following a total loss
12         in order that the insured not receive payments
13         exceeding those necessary to repair, rebuild,
14         or replace the insured structure; specifying an
15         insurer's liability when a loss is caused in
16         part by a covered peril and in part by a
17         noncovered peril; providing an exception if the
18         payment amount exceeds the amount necessary to
19         repair, rebuild, or replace the structure;
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    2:19 PM   04/04/05                             s1488c-bi32-t8h