Florida Senate - 2009 SENATOR AMENDMENT Bill No. CS for SB 742 Barcode 802036 LEGISLATIVE ACTION Senate . House . . . Floor: 1/AD/2R . 04/14/2009 02:05 PM . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— 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.