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Amendment CaShTmL-222940.HTM
    Florida Senate - 2005            PROPOSED COMMITTEE SUBSTITUTE
    Bill No. SB 1486
                        Barcode 222940
    Proposed Committee Substitute by the Committee on Banking and
    Insurance
 1                      A bill to be entitled
 2         An act relating to property insurance; amending
 3         s. 627.701, F.S.; providing that the
 4         requirement for a hurricane deductible to apply
 5         on an annual basis applies to personal lines
 6         residential property insurance policies;
 7         requiring insurers that provide commercial
 8         residential property insurance to offer
 9         alternative hurricane deductibles that apply on
10         an annual basis or to each hurricane; providing
11         an effective date.
12  
13  Be It Enacted by the Legislature of the State of Florida:
14  
15         Section 1.  Subsection (5) of section 627.701, Florida
16  Statutes, as amended by section 4 of chapter 2004-480, Laws of
17  Florida, is amended to read:
18         627.701  Liability of Insureds; coinsurance;
19  deductibles.--
20         (5)(a)  The hurricane deductible of any personal lines
21  residential property insurance policy issued or renewed on or
22  after May 1, 2005, shall be applied as follows:
23         1.(a)  The hurricane deductible shall apply on an
24  annual basis to all covered hurricane losses that occur during
25  the calendar year for losses that are covered under one or
26  more policies issued by the same insurer or an insurer in the
27  same insurer group.
28         2.(b)  If a hurricane deductible applies separately to
29  each of one or more structures insured under a single policy,
30  the requirements of this paragraph subsection apply with
31  respect to the deductible for each structure.
                                  1
    9:42 AM   03/07/05                             s1486p-bi00-j02

Florida Senate - 2005 PROPOSED COMMITTEE SUBSTITUTE Bill No. SB 1486 Barcode 222940 1 3.(c) If there was a hurricane loss for a prior 2 hurricane or hurricanes during the calendar year, the insurer 3 may apply a deductible to a subsequent hurricane which that is 4 the greater of the remaining amount of the hurricane 5 deductible or the amount of the deductible that applies to 6 perils other than a hurricane. Insurers may require 7 policyholders to report hurricane losses that are below the 8 hurricane deductible or to maintain receipts or other records 9 of such hurricane losses in order to apply such losses to 10 subsequent hurricane claims. 11 4.(d) If there are hurricane losses in a calendar year 12 on more than one policy issued by the same insurer or an 13 insurer in the same insurer group, the hurricane deductible 14 shall be the highest amount stated in any one of the policies. 15 If a policyholder who had a hurricane loss under the prior 16 policy is provided or offered a lower hurricane deductible 17 under the new or renewal policy, the insurer must notify the 18 policyholder, in writing, at the time the lower hurricane 19 deductible is provided or offered, that the lower hurricane 20 deductible will not apply until January 1 of the following 21 calendar year. 22 (b) For commercial residential property insurance 23 policies issued or renewed on or after January 1, 2006, the 24 insurer must offer the policyholder the following alternative 25 hurricane deductibles: 26 1. A hurricane deductible that applies on an annual 27 basis as provided in paragraph (a); and 28 2. A hurricane deductible that applies to each 29 hurricane. 30 Section 2. This act shall take effect upon becoming a 31 law. 2 9:42 AM 03/07/05 s1486p-bi00-j02
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