July 13, 2023
Banner Month for Surplus Lines
Data shows $2 billion in premium was reported in June! This is a record amount for Florida during the course of a month and a 40% increase over last June. Review the Monthly Premium Report to find out more.
To see more interesting stats on premium and coverage trends check out Florida Market Data on FSLSO.com.
Second-Quarter Invoices Now Available
Second-quarter invoices can now be viewed and paid and are available in your SLIP Inbox. Payments are due by August 14.
Invoices can be paid in SLIP under the Invoicing tab.
Have questions about your first-quarter invoices? Contact accounting@fslso.com for assistance.
Second-quarter affidavits are also due by August 14. Affidavits are required to be filed for agents who have transacted business during the quarter. Affidavits can be filed under the Reports tab.
Please note: Remitting payment for the quarterly invoices does not satisfy the quarterly affidavit requirement.
Have questions about your first-quarter affidavit? Contact agent.services@fslso.com for assistance.
Parametric Coverage Codes Live in SLIP on July 1
Two new coverage codes have been added to SLIP.
1214
Parametric or Index-Based – Commercial
1215
Parametric or Index-Based –
Personal
Parametric or index-based coverages pay pre-determined amounts based on the severity and proximity of a specified event.
Any new and renewal policies for this specific coverage must be filed under the new coverage codes. Policies filed in SLIP prior to July 1 do not need to be edited or backed out.
Both require a disclosure and a diligent effort search and are taxed and assessed according to the FSLSO tax status codes table.
FSLSO on the Road
This week (July 12-15), the FSLSO team is attending the Latin American Association of Insurance Agencies (LAAIA) convention in Hollywood, Florida.
Stop by and chat with us at booth #104.
Next week, Wednesday, July 19, is our Tampa Bay area customer forum at the Karol Hotel in Clearwater.
We hope to see you there!
HEADLINES
Florida-Backed Citizens Policy Count Stands at 1.317 Million
The state-backed Citizens Property Insurance Corp. in Florida ended June with 1,317,175 policies, up nearly 13,000 policies from the end of May, according to data posted on its website.
Florida Budget Includes $4 Billion for SWFL Hurricane Relief
Florida's new budget includes $75.2 million for bridge repairs in Lee County and $17.6 million for Lee County schools as part of over $4 billion earmarked for hurricane recovery.
Hurricane Season Forecasters Up Numbers Again, Predict Above Average Activity in 2023
Record warmth across the North Atlantic expected to counteract the usual El Niño-driven wind shear.
The Florida Surplus Lines Association organized a panel of experts, each helping to highlight tips and available resources for businesses in the hurricane preparation and recovery process.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email Agent.Services@fslso.com.
