December 18, 2019
Happening This Week
Service Fee Decrease
Effective April 1, 2020, the FSLSO Service Office fee will be reduced from 0.10% to 0.06%.
All new and renewal policies with an effective date on or after April 1, 2020, will be charged the new lower service fee of 0.06% of the total gross premium as defined in Florida Statute 626.9325.
All premium-bearing endorsements on policies with an effective date prior to April 1, 2020, will be subject to the service fee rate charged at the inception of the policy being endorsed. This applies to return and additional premium endorsements, audits, installments, and cancellations.
Refer to Bulletin 2019-01 for a more detailed explanation of the service fee decrease.
If you have further questions, contact us at 800.562.4496 or info@fslso.com.
Spotlight On:
Diligent Effort / Disclosure Matrix
When writing new business, the process of discerning whether a diligent search must be conducted or whether a disclosure will suffice can be a bit arduous.
In an effort to simplify this process, we developed the Diligent Effort / Disclosure Matrix. The matrix gives guidance on the diligent effort or disclosure requirement for each line of coverage. All you have to do is find the coverage you are placing, and the matrix will tell you whether a diligent effort must be executed, a disclosure is required, or the coverage is exempt altogether.
This tool will save you a lot of time, effort, and energy when writing new business.
Headlines
Cyber is Both Opportunity and Threat
Cyber is not just an underwriting risk for insurers, but potentially a business continuity risk as well, said Greg Carter, managing director, Analytics EMA and Asia Pacific, AM Best.
Jimmy Patronis Meets with FEMA to Talk Hurricane Response Efforts, Flood Insurance
More than a year after Hurricane Michael hit the Panhandle, state CFO Jimmy Patronis is working with Federal Emergency Management Agency (FEMA) to make sure the federal government and the state government work better in the future.
Citizens to Reduce Policy Count
Florida’s state-run insurer Citizens Property Insurance Corporation is set for an outside review as it looks to further reduce its footprint since the last external study was published five years ago.
Tornado Causes Minor Damage in Florida
According to the National Weather Service in Jacksonville, the tornado touched down early Saturday morning near Bunnell, stopping just short of Flagler Beach. The agency said in a press released that the tornado’s peak wind was roughly 110 mph and that it was about half a mile wide.
Facilitating Compliance Through Innovative Solutions
 |  |  |  |
800.562.4496
