Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. PCS for SB 1488 (960506)
                        Barcode 900952
                            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 54, lines 12 through 18, 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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    11:10 AM   03/29/05                            s1488c-bi32-c8h


    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. PCS for SB 1488 (960506)
                        Barcode 900952
 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 3, lines 26 through 29, delete those lines
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 8  and insert:
 9         s. 627.702, F.S.; providing legislative intent
10         to ensure payment of policy benefits due
11         following a total loss in order that the
12         insured not receive payments exceeding those
13         necessary to repair, rebuild, or replace the
14         insured structure; specifying an insurer's
15         liability when a loss is caused in part by a
16         covered peril and in part by a noncovered
17         peril; providing an exception if the payment
18         amount exceeds the amount necessary to repair,
19         rebuild, or replace the structure; creating s.
20         627.711, F.S.; requiring
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    11:10 AM   03/29/05                            s1488c-bi32-c8h