Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 408
       
       
       
       
       
       
                                Barcode 388934                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/22/2011           .                                
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 205
    4  insert:
    5         Section 1. Effective June 1, 2011, paragraph (d) of
    6  subsection (2) of section 215.555, Florida Statutes, is amended
    7  to read
    8         215.555 Florida Hurricane Catastrophe Fund.—
    9         (2) DEFINITIONS.—As used in this section:
   10         (d) “Losses” means all direct incurred losses under covered
   11  policies, including which shall include losses for additional
   12  living expenses not to exceed 40 percent of the insured value of
   13  a residential structure or its contents and amounts paid as fees
   14  on behalf of or inuring to the benefit of a policyholder shall
   15  exclude loss adjustment expenses. The term “Losses” does not
   16  include:
   17         1. Losses for fair rental value, loss of rent or rental
   18  income, or business interruption losses;
   19         2. Losses under liability coverages;
   20         3. Property losses that are proximately caused by any peril
   21  other than a covered event, including, but not limited to, fire,
   22  theft, flood or rising water, or windstorm that does not
   23  constitute a covered event;
   24         4. Amounts paid as the result of a voluntary expansion of
   25  coverage by the insurer, including, but not limited to, a waiver
   26  of an applicable deductible;
   27         5. Amounts paid to reimburse a policyholder for condominium
   28  association or homeowners’ association loss assessments or under
   29  similar coverages for contractual liabilities;
   30         6. Amounts paid as bad faith awards, punitive damage
   31  awards, or other court-imposed fines, sanctions, or penalties;
   32         7. Amounts in excess of the coverage limits under the
   33  covered policy; or
   34         8. Allocated or unallocated loss adjustment expenses.
   35         Section 2. The amendment to s. 215.555, Florida Statutes,
   36  made by this act applies first to the Florida Hurricane
   37  Catastrophe Fund reimbursement contract that takes effect June
   38  1, 2011.
   39  
   40  ================= T I T L E  A M E N D M E N T ================
   41         And the title is amended as follows:
   42         Before line 3
   43  insert:
   44         amending s. 215.555, F.S.; revising the definition of
   45         “losses,” relating to the Florida Hurricane
   46         Catastrophe Fund, to exclude certain losses; providing
   47         applicability;