Florida Senate - 2009                          SENATOR AMENDMENT
       Bill No. CS for SB 742
       
       
       
       
       
       
                                Barcode 802036                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .                                
             04/14/2009 02:05 PM       .                                
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       Senator Baker moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 15 and 16
    4  insert:
    5         Section 1. Subsection (5) is added to section 627.706,
    6  Florida Statutes, to read:
    7         627.706 Sinkhole insurance; catastrophic ground cover
    8  collapse; definitions.—
    9         (5) An insurer offering sinkhole coverage to policyholders
   10  before or after the adoption of s. 30, chapter 2007-1, Laws of
   11  Florida, may nonrenew the policies of policyholders maintaining
   12  sinkhole coverage in Pasco County or Hernando County, at the
   13  option of the insurer, and provide an offer of coverage to such
   14  policyholders which includes catastrophic ground cover collapse
   15  and excludes sinkhole coverage. Insurers acting in accordance
   16  with this subsection are subject to the following requirements:
   17         (a) Policyholders must be notified that a nonrenewal is for
   18  purposes of removing sinkhole coverage, and that the
   19  policyholder is still being offered a policy that provides
   20  coverage for catastrophic ground cover collapse.
   21         (b) Policyholders must be provided an actuarially
   22  reasonable premium credit or discount for the removal of
   23  sinkhole coverage and provision of only catastrophic ground
   24  cover collapse.
   25         (c) Subject to the provisions of this subsection and the
   26  insurer’s approved underwriting or insurability guidelines, the
   27  insurer shall provide each policyholder with the opportunity to
   28  purchase an endorsement to his or her policy providing sinkhole
   29  coverage and may require an inspection of the property before
   30  issuance of a sinkhole coverage endorsement.
   31         (d) Section 624.4305 does not apply to nonrenewal notices
   32  issued pursuant to this subsection.
   33  
   34  ================= T I T L E  A M E N D M E N T ================
   35         And the title is amended as follows:
   36         Delete line 2
   37  and insert:
   38  An act relating to sinkhole losses; amending s. 627.706, F.S.;
   39  authorizing an insurer offering sinkhole coverage before or
   40  after a certain date to nonrenew the policies of policyholders
   41  maintaining sinkhole coverage in Pasco and Hernando Counties, at
   42  the option of the insurer, and provide an offer of coverage to
   43  such policyholders which includes catastrophic ground cover
   44  collapse and excludes sinkhole coverage; requiring that an
   45  insurer taking such action meet specified requirements; creating
   46  s.