FL H0343

Creates section 627.4138, Florida Statutes, to regulate wrap-up insurance policies for nonpublic construction projects issued to owners or general contractors through consolidated insurance programs.

Permits wrap-up insurance policies to include workers' compensation claim deductibles of $100,000 or more if the workers' compensation minimum standard premium exceeds $500,000 and the estimated construction cost at each work site is $25 million or more.

Requires insurers offering high-deductible wrap-up policies to pay claims from the first dollar without deductible impact, comply with Department of Financial Services filing requirements under chapter 440, and file unit statistical reports with the National Council on Compensation Insurance.

Mandates insurers establish a program requiring the first-named insured (owner, general contractor, or combination) to reimburse the insurer for losses paid within the deductible amount.

Takes effect July 1, 2013.