FL S1158

Reduces the statute of limitations for latent defects in the design, planning, or construction of improvements to real property from 10 years to 7 years after the triggering date (actual possession, certificate of occupancy, abandonment, or contract completion/termination).

Applies retroactively to any action commenced on or after July 1, 2015, regardless of when the cause of action accrued, with a grace period allowing actions that would not have been barred under the old law to be filed until July 1, 2016.

Reenacts section 627.441(2), Florida Statutes, relating to commercial general liability policy coverage for contractors' completed operations to incorporate the amended statute of limitations period.

Effective date is July 1, 2015.