June 6, 2019
Happening This Week
Registration is now open for the Florida Surplus Lines Association's Annual Convention. It will take place August 7-9 in beautiful Palm Coast.
Thank You For Your Time
We apologize for nagging you. If you have already completed the survey, we sincerely thank you for taking the time to do so.
Everyone who completes it has the opportunity to win a $100 American Express gift card.
Headlines
CFO Jimmy Patronis: The 2019 Hurricane Season is Here, 5 Tips to Prepare Now
With the 2019 Hurricane Season beginning June 1, Chief Financial Officer (CFO) Jimmy Patronis reminds Floridians how critical it is to prepare before the next storm takes aim at the Sunshine State. Homeowners insurance policies may contain limitations and exclusions, so it is important consumers review their policies now to understand their coverages going into hurricane season.
CFO Jimmy Patronis said, “Last year, Hurricane Michael ripped through the Florida Panhandle as a massive Category 5 storm producing more than 146,000 insurance claims and causing nearly $6.4 billion in estimated insured losses. If you haven't already, make sure you are financially prepared for the 2019 Hurricane Season by checking your homeowners insurance policy to ensure you are adequately covered. Now is the time to make sure your home and family are protected. Do not wait until a storm is approaching, it may be too late.”
Insurance Commissioner David Altmaier said, “When it comes to tropical weather in Florida, our risk is real. Floridians have experienced three consecutive, active hurricane seasons with a combined total of more than $17 billion in estimated insured losses. Floridians must review their insurance policy, understand their coverages and secure flood insurance. Our message to all Floridians: take the time to financially prepare for the 2019 Atlantic Hurricane Season and protect the life you’ve built.”
Hundreds of Assisted Living Centers in Florida Still Don't Meet Post-Irma Requirements
A little over a year ago, a new state law went into effect requiring nursing homes and assisted living centers to have emergency power plans, backup generators and enough fuel in place to run those generators for four days.
However, a News 6 investigation has uncovered modifications to the law that allow facilities to keep smaller amounts of fuel onsite in case of an emergency.
Congress Extends National Flood Insurance Program by Two Weeks
Congress extended the National Flood Insurance Program through June 14, preventing the federal initiative from expiring on Saturday.
The stopgap bill was passed by the House on Thursday with a fast-track procedure used when members are on recess. It will allow new flood insurance policies to be issued and avoid delays of U.S. real estate transactions that depend on the program.
As the 2019 Hurricane Season quickly approaches, Chief Financial Officer (CFO) Jimmy Patronis urges Floridians to take advantage of the Disaster Preparedness Sales Tax Holiday available in our state. From May 31 until June 6, many preparedness items (within certain restrictions) are available tax-free.
CFO Jimmy Patronis said, “Last year, Florida faced the devastation of Category 5 Hurricane Michael—only Mother Nature knows what this Hurricane Season will bring us. Don’t wait until it’s too late to get stocked up on necessary disaster supplies this year. The Disaster Preparedness Sales Tax Holiday is a perfect opportunity to get items which will help you and your family during a disaster.”
As part of a year of sweeping insurance reform in Florida, the state legislature passed HB 301, which has since been signed into law by Governor Ron DeSantis. Among other changes, HB 301 creates a new Section 624.1055 of the Florida Statutes. The new section effectively reverses long-standing Florida law by providing a statutory right to liability insurers to seek contribution for defense costs incurred on behalf of an insured from other liability insurers that also have a duty to defend the insured. The statute applies to both admitted and surplus lines carriers that have a duty to defend claims initiated on or after January 1, 2020. The statute does not apply to motor vehicle insurance or medical professional liability insurance.
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