Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 762044
CHAMBER ACTION
Senate House
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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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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.
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Florida Senate - 2005 SENATOR AMENDMENT
Bill No. CS for CS for SB 1488
Barcode 762044
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2 (Redesignate subsequent sections.)
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6 And the title is amended as follows:
7 On page 3, line 26, after the semicolon,
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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;
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