Florida Developments Archives - Page 22 of 22

Florida Governor Charlie Crist extends Citizens Property Insurance Rate Freeze

Jun 29, 2007 | Florida Developments | United States

In January 2007, the Florida Legislature froze the rates of Florida’s state sponsored property insurer, Citizens Property Insurance Corporation, until the end of the year. On June 26, 2007, Florida Governor Charlie Crist signed a bill extending the rate freeze until January 1, 2009.

Florida Legislature Creates Task Force on Citizens Property Insurance Claims Handling

Jun 26, 2007 | Catastrophe Claims, Florida Developments | United States

The Florida Legislature created the Task Force on Citizens Property Insurance Claims Handling and Resolution during a special session in 2007. Citizens Property Insurance Company, Florida’s state sponsored insurer, experienced significant difficulties in handling the deluge of claims from the 2004 and 2005 hurricane seasons.

The Florida Hurricane Catastrophe Fund

Jun 19, 2007 | Florida Developments | United States

In 1992, in the wake of Hurricane Andrew, the Florida Legislature enacted F.S. § 215.555, which created the Florida Hurricane Catastrophe Fund (the “Fund”). The Fund is a trust fund, established to reimburse insurers, who write covered policies under F.S. § 215.555(2)(c), for a portion of their catastrophic hurricane related losses.

Florida’s Valued Policy Law – When Determining Whether Building is “Total Loss,” Court May Consider Whether Cost of Repair Exceeds Value

Jun 19, 2007 | Coverage & Claims, Florida Developments | United States

Florida’s First District Court of Appeal recently decided that, when determining whether the structure is a “total loss” under Florida’s former Valued Policy Law (“VPL”), a court could consider whether the cost of repairing the building would exceed its value.