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Florida Senate - 2008 COMMITTEE AMENDMENT

Bill No. SB 2860

482786

CHAMBER ACTION

Senate

Comm: UNFAV

3/25/2008

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House



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The Committee on Banking and Insurance (Lawson) recommended the

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following amendment to amendment (411274):

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     Senate Amendment (with title amendment)

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     Delete lines 1362-1387

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and insert:

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     5.  Effective January 1, 2009, a personal lines residential

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structure that has a dwelling replacement cost of $1 million or

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more, or a single condominium unit that has a combined dwelling

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and content replacement cost of $1 million or more is not

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eligible for coverage by the corporation. Such dwellings insured

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by the corporation on December 31, 2008, may continue to be

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covered by the corporation until the end of the policy term.

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However, such dwellings that are insured by the corporation and

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become ineligible for coverage due to the provisions of this

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subparagraph may reapply and obtain coverage in the high-risk

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account and be considered "nonhomestead property" if the property

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owner provides the corporation with a sworn affidavit from one or

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more insurance agents, on a form provided by the corporation,

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stating that the agents have made their best efforts to obtain

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coverage and that the property has been rejected for coverage by

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at least one authorized insurer and at least three surplus lines

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insurers. If such conditions are met, the dwelling may be insured

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by the corporation for up to 3 years, after which time the

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dwelling is ineligible for coverage. The office shall approve the

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method used by the corporation for valuing the dwelling

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replacement cost for the purposes of this subparagraph. If a

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policyholder is insured by the corporation prior to being

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determined to be ineligible pursuant to this subparagraph and

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such policyholder files a lawsuit challenging the determination,

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the policyholder may remain insured by the corporation until the

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conclusion of the litigation.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     Delete lines 3315-3318

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and insert:

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dwellings as "nonhomestead property"; requiring certain

3/25/2008  8:28:00 AM     6-05663-08

CODING: Words stricken are deletions; words underlined are additions.

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