PHILADELPHIA–A former Florida state senator predicted at an insurance conference here that if devastating losses deplete the Florida Hurricane Catastrophe Fund, the federal government will step in to shore it up.
Locke Burt, a Republican who formerly represented the Ormond Beach, Fla., area and now is president of Royal Palm Insurance Company and Security First Insurance Company in Ormond Beach, suggested that current lawmakers were banking on that possibility when they crafted reform legislation earlier this year.
That measure increased the size of the cat fund, among other things, in an effort to lower the cost of insurance for Florida homeowners and businesses.
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