Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for CS for SB 1980
Barcode 671830
CHAMBER ACTION
Senate House
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05/05/2006 12:47 PM .
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11 Senators Garcia and Campbell moved the following substitute
12 for amendment to amendment (263532):
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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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11:47 AM 05/05/06 s1980c2b-40-201
Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for CS for SB 1980
Barcode 671830
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. The office shall
7 approve the method used by the corporation for valuing the
8 dwelling replacement cost for the purposes of this
9 subparagraph. If a policyholder is insured by the corporation
10 prior to being determined to be ineligible pursuant to this
11 subparagraph and such policyholder files a lawsuit challenging
12 the determination, the policyholder may remain insured by the
13 corporation until the conclusion of the litigation.
14 6. Effective March 1, 2007, nonhomestead property is
15 not eligible for coverage by the corporation and is not
16 eligible for renewal of such coverage unless the property
17 owner provides the corporation with a sworn affidavit from one
18 or more insurance agents, on a form provided by the
19 corporation, stating that the agent has made his or her best
20 efforts to obtain coverage and that the property has been
21 rejected for coverage by at least one authorized insurer and
22 at least three surplus lines insurers.
23 7.3. It is the intent of the Legislature that
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11:47 AM 05/05/06 s1980c2b-40-201