Senate Bill sb2688

    Florida Senate - 2007                                  SB 2688

    By Senator Constantine





    22-1803-07

  1                      A bill to be entitled

  2         An act relating to premium discounts for

  3         windstorm loss mitigation; requiring the

  4         Florida Building Commission to conduct a study

  5         that updates the evaluation of loss

  6         relativities and the resulting discounts,

  7         credits, and rate differentials for properties

  8         on which fixtures or construction techniques

  9         demonstrated to reduce the amount of loss in a

10         windstorm have been installed or implemented;

11         allocating a specified sum from the Florida

12         Comprehensive Hurricane Damage Mitigation

13         Program to fund the study; providing examples

14         of fixtures and construction techniques that

15         qualify for the study; requiring the commission

16         to deliver a final report on the results of its

17         study to certain state officials on or before a

18         specified date; requiring the Office of

19         Insurance Regulation to assist the commission

20         with the development of the study upon the

21         commission's request; providing an effective

22         date.

23  

24  Be It Enacted by the Legislature of the State of Florida:

25  

26         Section 1.  Evaluation of hurricane loss relativities

27  and resulting premium discounts; study required.--From the

28  funds obtained for or allocated to the Florida Comprehensive

29  Hurricane Damage Mitigation Program described in s. 215.5586,

30  Florida Statutes, the sum of $750,000 is allocated for a study

31  updating the evaluation of loss relativities and resulting

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2007                                  SB 2688
    22-1803-07




 1  reasonable discounts, credits, and other rate differentials or

 2  appropriate reductions in deductibles for properties on which

 3  fixtures or construction techniques demonstrated to reduce the

 4  amount of loss in a windstorm have been installed or

 5  implemented. The fixtures or construction techniques shall

 6  include, but not be limited to, those which enhance roof

 7  strength, roof covering performance, roof-to-wall strength,

 8  wall-to-floor-to-foundation strength, opening protection, and

 9  window, door, or skylight strength. The study shall be

10  conducted by the Florida Building Commission and its final

11  report on the results of that study shall be delivered to the

12  Governor, the President of the Senate, the Speaker of the

13  House of Representatives, the Chief Financial Officer, and the

14  Insurance Commissioner no later than March 1, 2008. Upon the

15  request of the commission, the Office of Insurance Regulation

16  shall provide input to assist with developing the scope and

17  methodology used in performing the study.

18         Section 2.  This act shall take effect upon becoming a

19  law.

20  

21            *****************************************

22                          SENATE SUMMARY

23    Requires the Florida Building Commission to conduct a
      study that updates the evaluation of loss relativities
24    and the resulting discounts, credits, and rate
      differentials for properties on which fixtures or
25    construction techniques demonstrated to reduce the amount
      of loss in a windstorm have been installed or
26    implemented. Allocates a specified sum from the Florida
      Comprehensive Hurricane Damage Mitigation Program to fund
27    the study. Provides examples of fixtures and construction
      techniques that qualify for the study. Requires the
28    commission to deliver a final report on the results of
      its study to certain state officials on or before a
29    specified date. Requires the Office of Insurance
      Regulation to assist the commission with the development
30    of the study upon the commission's request.

31  

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CODING: Words stricken are deletions; words underlined are additions.