Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 76
       
       
       
       
       
       
                                Ì534640ÃÎ534640                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  02/02/2021           .                                
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       The Committee on Banking and Insurance (Taddeo) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 93 - 108
    4  and insert:
    5         4. Include an acknowledgment form to be signed by the
    6  insured as acknowledgment that the roof surface schedule is a
    7  limitation of payment owed by the carrier. This signed form must
    8  be returned to the carrier and agent, if applicable, before a
    9  carrier may issue a policy with a roof surface reimbursement
   10  schedule. The acknowledgment form must be in bold type, no
   11  smaller than 14 points, and be worded exactly as follows:
   12  
   13  “PLEASE DISCUSS WITH YOUR INSURANCE AGENT. YOU ARE ELECTING TO
   14  PURCHASE COVERAGE ON YOUR ROOF ACCORDING TO A ROOF SURFACE
   15  REIMBURSEMENT SCHEDULE. IF YOUR ROOF IS DAMAGED BY A COVERED
   16  PERIL, YOU WILL RECEIVE A PAYMENT AMOUNT FOR YOUR ROOF ACCORDING
   17  TO THE SCHEDULE BELOW. BE ADVISED THAT THIS MAY RESULT IN YOU
   18  HAVING TO PAY, USING YOUR OWN SEPARATE FUNDS, SIGNIFICANT COSTS
   19  TO REPAIR OR REPLACE YOUR ROOF WHICH YOUR INSURANCE CARRIER IS
   20  NOT LIABLE FOR. THESE AMOUNTS ARE IN ADDITION TO YOUR
   21  DEDUCTIBLE.”
   22  
   23         5. Include an acknowledgment form, completed by the
   24  insurance carrier through the use of commercially accepted
   25  means, which must be signed by the insured before issuance of
   26  the policy. If the policy is issued before the roof attains 10
   27  years of age, and the roof attains 10 years of age during the
   28  policy period, a new acknowledgment form must be provided to the
   29  insured at least 60 days before the renewal date. Failure to
   30  provide the acknowledgment form at any time renders this policy
   31  a replacement cost policy for the roof surface materials and not
   32  subject to the roof surface schedule allowed by this section.
   33  The acknowledgment form must be in bold type, no smaller than 14
   34  points, and be worded exactly as follows:
   35  
   36  “WARNING! YOUR ROOF SURFACE IS ESTIMATED TO COVER .... SQUARE
   37  FEET OF YOUR HOME. YOUR ROOF IS CURRENTLY .... YEAR(S) OLD. IF
   38  YOUR ROOF IS CURRENTLY 10 YEARS OLD OR OLDER, OR UPON YOUR ROOF
   39  BECOMING 10 YEARS OLD OR OLDER, AND BECAUSE YOUR ROOF IS OF A
   40  .... TYPE OF MATERIAL, IN THE EVENT OF A COVERED LOSS THIS
   41  POLICY WILL ONLY COVER ....PERCENT OF THE REPLACEMENT FOR YOUR
   42  ROOF SURFACE MATERIALS. IF YOUR COVERED LOSS REQUIRES A FULL
   43  ROOF REPLACEMENT, THE ESTIMATED COST OF THE ROOF SURFACE
   44  MATERIALS ONLY IS $..... IN THAT EVENT, YOUR POLICY WILL ONLY
   45  COVER $...., LEAVING YOU RESPONSIBLE FOR PAYMENT OF $.... IN
   46  ADDITION TO YOUR CHOSEN DEDUCTIBLE OF $..... THESE ARE JUST
   47  ESTIMATES AND THE ACTUAL AMOUNT COULD BE MORE THAN THE AMOUNT
   48  STATED ABOVE.”
   49  
   50         6. Allow for actuarially sound methods of s. 627.062 to
   51  apply.
   52         7. Be approved by the office.
   53         8. Be provided to the insured with the policy documents at
   54  issuance and at least 60 days before each renewal.