Although Florida's hard-fought property insurance bill SB 408 becamelaw May 17 upon the signature of Gov. Rick Scott, not all theprovisions within that bill became effective that day.
Effective June 1—the start date of Florida's hurricaneseason—are changes to Florida Statute 626.854 regardingcompensation to public adjusters. Specifically, that compensationfor a "reopened or supplemental claim may not exceed 20 percent ofthe reopened or supplemental claim payment."
Also effective June 1 is the mandate that all claims arisingfrom a windstorm or hurricane must be filed "within 3 years afterthe date the hurricane first made landfall or the windstorm causedthe covered damage."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
