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The Florida Senate

BILL ANALYSIS AND FISCAL IMPACT STATEMENT

(This document is based on the provisions contained in the legislation as of the latest date listed below.) Prepared By: The Professional Staff of the Judiciary Committee

BILL:

CS/CS/SB’s 2086 & 2498

INTRODUCER:

Judiciary Committee, Regulated Industries Committee, and Senators Jones and Bennett

SUBJECT:

Department of Business and Professional Regulation

DATE:

April 18, 2008

REVISED:

1. Oxamendi

Imhof

RI

Fav/Combined CS

2. Emrich

Deffenbaugh

BI

Fav/2 amendments

3. Sumner

Maclure

JU

Fav/CS

ANALYST

STAFF DIRECTOR

REFERENCE

  • 4.

    GO

  • 5.

    GA

6.

ACTION

Please see Section VIII. for Additional Information:

  • A.

    COMMITTEE SUBSTITUTE.....

  • B.

    AMENDMENTS........................

X

Statement of Substantial Changes Technical amendments were recommended Amendments were recommended Significant amendments were recommended

I.

Summary:

The bill revises the insurance rights and obligations of condominium associations and unit owners, including the duty to obtain adequate hazard insurance. The bill provides that adequate hazard insurance is based upon the replacement cost of the property and requires that the full insurable value must be determined at least every 36 months. The bill maintains the current provision that permits three or more communities to obtain insurance for an amount equal to the probable maximum loss (PML) for a 250-year windstorm event, but requires that the Office of Insurance Regulation review and approve rates and policy forms, that unit owners obtain accurate disclosures, and that hurricane loss models are accurate and appropriately applied to the insured condominium structures.

The bill provides the procedures for a board meeting to establish the amount of deductibles. It specifies the property that must be excluded from the association’s insurance coverage, and specifies the provisions that must be contained in every hazard insurance policy issued or renewed on or after January 1, 2009, to an individual unit owner. The bill requires that improvements or additions that do not benefit all of the unit owners must be insured by the unit owner or owners who use the improvement or addition. It also requires unit owners to provide to the condominium association evidence of a currently effective hazard and liability insurance

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