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FL S0328
Bill
AI Summary
- Extends Florida's valued policy law (s. 627.702) to surplus lines (unauthorized) insurers issuing property or casualty insurance coverage, effective July 1, 2025
- Defines the term "insurer" under the valued policy law to explicitly include unauthorized insurers assuming surplus lines direct risk under Florida's Surplus Lines Law (ss. 626.913–626.937)
- Requires surplus lines insurers to pay the full policy amount in the event of a total loss of a building, structure, mobile home, or manufactured building caused by a covered peril, consistent with obligations already applied to authorized insurers
- Specifies the changes apply prospectively only, to claims filed after the effective date, and do not apply retroactively
- Makes conforming cross-reference updates to the homeowners' replacement cost coverage statute (s. 627.7011) and the Homeowner Claims Bill of Rights statute (s. 627.7142)
Legislative Description
Applicability of Valued Policy Law to Surplus Lines Insurers
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
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