| 1 | Representative Artiles offered the following: |
| 2 |
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| 3 | Amendment to Amendment (399507) (with title amendment) |
| 4 | Remove lines 3049-3088 and insert: |
| 5 | (a)(b) The insurer may limit its payment to the actual cash |
| 6 | value of the sinkhole loss, which does not include including |
| 7 | underpinning or grouting or any other repair technique performed |
| 8 | below the existing foundation of the building, until the |
| 9 | policyholder enters into a contract for the performance of |
| 10 | building stabilization or foundation repairs. |
| 11 | (b) After the policyholder enters into the contract, the |
| 12 | insurer shall pay the amounts necessary to begin and perform |
| 13 | such repairs as the work is performed and the expenses are |
| 14 | incurred. The insurer may not require the policyholder to |
| 15 | advance payment for such repairs. If repair covered by a |
| 16 | personal lines residential property insurance policy has begun |
| 17 | and the professional engineer selected or approved by the |
| 18 | insurer determines that the repair cannot be completed within |
| 19 | the policy limits, the insurer must either complete the |
| 20 | professional engineer's recommended repair or tender the policy |
| 21 | limits to the policyholder without a reduction for the repair |
| 22 | expenses incurred. |
| 23 | (c) The stabilization and all other repairs to the |
| 24 | structure and contents must be completed within 12 months after |
| 25 | entering into the contract for repairs described in paragraph |
| 26 | (b) unless: |
| 27 | 1. There is a mutual agreement between the insurer and the |
| 28 | policyholder; |
| 29 | 2. The claim is involved with the neutral evaluation |
| 30 | process; |
| 31 | 3. The claim is in litigation; or |
| 32 | 4. The claim is under appraisal or mediation. |
| 33 | (d)(c) Upon the insurer's obtaining the written approval |
| 34 |
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| 35 |
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| 36 | ----------------------------------------------------- |
| 37 | T I T L E A M E N D M E N T |
| 38 | Remove lines 3696-3698 and insert: |
| 39 | insurers; providing a time limitation for demanding sinkhole |
| 40 | testing by a policyholder; requiring all repairs to be |