Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 408
       
       
       
       
       
       
                                Barcode 530402                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/05/2011           .                                
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       The Committee on Rules (Smith) recommended the following:
       
    1         Senate Substitute for Amendment (901222) (with title
    2  amendment)
    3  
    4         Delete lines 2583 - 2596
    5  and insert:
    6         (b) For personal property:
    7         1. The insurer must offer coverage under which the insurer
    8  is obligated to pay the replacement cost without reservation or
    9  holdback for any depreciation in value, whether or not the
   10  insured replaces the property.
   11         2. The insurer may also offer coverage under which the
   12  insurer may limit the initial payment to the actual cash value
   13  of the personal property to be replaced, require the insured to
   14  provide receipts for the purchase of the property financed by
   15  the initial payment, use such receipts to make the next payment
   16  requested by the insured for the replacement of insured
   17  property, and continue this process until the insured remits all
   18  receipts up to the policy limits for replacement costs. The
   19  insurer must provide clear notice of this process in the
   20  insurance contract. The insurer may not require the policyholder
   21  to advance payment for the replaced property, the insurer shall
   22  pay the replacement cost without reservation or holdback of any
   23  depreciation in value, whether or not the insured replaces or
   24  repairs the dwelling or property.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27         And the title is amended as follows:
   28         Delete line 154
   29  and insert:
   30         repairs and expenses; requiring the insurer to offer
   31         coverage under which the insurer is obligated to pay
   32         replacement costs; authorizing the insurer to offer
   33         coverage that limits