Additional Amendments Filed to Insurance Cost Driver Bill (CS/CS/CS/SB 408) In Advance of Florida House Third Reading Today, May 4

The House is scheduled to take up CS/CS/CS/SB 408 on Third Reading today.  At this time, an additional 6 amendments have been filed by Representative Wood.  If adopted, these amendments would:

• Require that any payment made by Citizens for damage caused by sinkhole must be dedicated entirely to the costs of repairing the structure or remediation of the land;
• Prohibit Citizens’ policyholders from engaging the services of a public adjuster until after Citizens has tendered an offer with respect to any claim;
• Revise the definition of “losses” with respect to the Florida Hurricane Catastrophe Fund to include “all incurred losses under covered policies, including amounts paid as fees on behalf of or inuring to the benefit of a policyholder;”
• Provide that if a covered building suffers a sinkhole loss or catastrophic ground cover collapse, the insured must repair such damage or loss; however, if the insurer’s professional engineer determines that the repair cannot be completed within policy limits, the insurer must pay to complete the repairs recommended by the professional engineer or tender the policy limits to the policyholder;
• Remove a provision exempting adjusters who provide claims adjusting services solely to institutions that service or guarantee mortgages with regard to policies covering the mortgaged properties from adjuster licensure requirements; and
• Provide that the neutral evaluator’s oral testimony and full report shall be admitted in any action, litigation, or proceeding relating to the sinkhole claim.

Should you have any questions or comments, please contact Colodny Fass.

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