Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 1980
                        Barcode 263532
                            CHAMBER ACTION
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       05/05/2006 12:48 PM         .                    
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11  Senators Garcia and Alexander moved the following amendment to
12  amendment (021596):
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14         Senate Amendment 
15         On page 36, lines 5-10, delete those lines
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17  and insert:  
18         5.  Effective July 1, 2008, a personal lines
19  residential structure that has a dwelling replacement cost of
20  $1 million or more, or a single condominium unit that has a
21  combined dwelling and content replacement cost of $1 million
22  or more is not eligible for coverage by the corporation. Such
23  dwellings insured by the corporation on June 30, 2008, may
24  continue to be covered by the corporation until the end of the
25  policy term. However, such dwellings that are insured by the
26  corporation and become ineligible for coverage due to the
27  provisions of this subparagraph may reapply and obtain
28  coverage in the high-risk account and be considered
29  "nonhomestead property" if the property owner provides the
30  corporation with a sworn affidavit from one or more insurance
31  agents, on a form provided by the corporation, stating that
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    10:46 AM   05/04/06                            s1980c2b-40-j05


    Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 1980
                        Barcode 263532
 1  the agent has made his or her best efforts to obtain coverage
 2  and that the property has been rejected for coverage by at
 3  least one authorized insurer and at least three surplus lines
 4  insurers. If such conditions are met, the dwelling may be
 5  insured by the corporation for up to 3 years, after which time
 6  the dwelling is ineligible for coverage.
 7         6.  Effective March 1, 2007, nonhomestead property is
 8  not eligible for coverage by the corporation and is not
 9  eligible for renewal of such coverage unless the property
10  owner provides the corporation with a sworn affidavit from one
11  or more insurance agents, on a form provided by the
12  corporation, stating that the agent has made his or her best
13  efforts to obtain coverage and that the property has been
14  rejected for coverage by at least one authorized insurer and
15  at least three surplus lines insurers.
16         7.3.  It is the intent of the Legislature that
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    10:46 AM   05/04/06                            s1980c2b-40-j05