Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 1488
                        Barcode 762044
                            CHAMBER ACTION
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       05/05/2005 08:16 PM         .                    
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11  Senator Garcia moved the following amendment:
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13         Senate Amendment (with title amendment) 
14         On page 54, between lines 2 and 3,
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16  insert:  
17         Section 13.  Subsection (5) of section 627.701, Florida
18  Statutes, as amended by section 4 of chapter 2004-480, Laws of
19  Florida, is amended to read:
20         627.701  Liability of Insureds; coinsurance;
21  deductibles.--
22         (5)(a)  The hurricane deductible of any personal lines
23  residential property insurance policy issued or renewed on or
24  after May 1, 2005, shall be applied as follows:
25         1.(a)  The hurricane deductible shall apply on an
26  annual basis to all covered hurricane losses that occur during
27  the calendar year for losses that are covered under one or
28  more policies issued by the same insurer or an insurer in the
29  same insurer group.
30         2.(b)  If a hurricane deductible applies separately to
31  each of one or more structures insured under a single policy,
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    9:06 AM   05/02/05                             s1488c2c-40-c3f

Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for CS for SB 1488 Barcode 762044 1 the requirements of this paragraph subsection apply with 2 respect to the deductible for each structure. 3 3.(c) If there was a hurricane loss for a prior 4 hurricane or hurricanes during the calendar year, the insurer 5 may apply a deductible to a subsequent hurricane which that is 6 the greater of the remaining amount of the hurricane 7 deductible or the amount of the deductible that applies to 8 perils other than a hurricane. Insurers may require 9 policyholders to report hurricane losses that are below the 10 hurricane deductible or to maintain receipts or other records 11 of such hurricane losses in order to apply such losses to 12 subsequent hurricane claims. 13 4.(d) If there are hurricane losses in a calendar year 14 on more than one policy issued by the same insurer or an 15 insurer in the same insurer group, the hurricane deductible 16 shall be the highest amount stated in any one of the policies. 17 If a policyholder who had a hurricane loss under the prior 18 policy is provided or offered a lower hurricane deductible 19 under the new or renewal policy, the insurer must notify the 20 policyholder, in writing, at the time the lower hurricane 21 deductible is provided or offered, that the lower hurricane 22 deductible will not apply until January 1 of the following 23 calendar year. 24 (b) For commercial residential property insurance 25 policies issued or renewed on or after January 1, 2006, the 26 insurer must offer the policyholder the following alternative 27 hurricane deductibles: 28 1. A hurricane deductible that applies on an annual 29 basis as provided in paragraph (a); and 30 2. A hurricane deductible that applies to each 31 hurricane. 2 9:06 AM 05/02/05 s1488c2c-40-c3f
Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for CS for SB 1488 Barcode 762044 1 2 (Redesignate subsequent sections.) 3 4 5 ================ T I T L E A M E N D M E N T =============== 6 And the title is amended as follows: 7 On page 3, line 26, after the semicolon, 8 9 insert: 10 amending s. 627.701, F.S.; providing that the 11 requirement for a hurricane deductible to apply 12 on an annual basis applies to personal lines 13 residential property insurance policies; 14 requiring insurers that provide commercial 15 residential property insurance to offer 16 alternative hurricane deductibles that apply on 17 an annual basis or to each hurricane; 18 19 20 21 22 23 24 25 26 27 28 29 30 31 3 9:06 AM 05/02/05 s1488c2c-40-c3f