A plan for a state storm fund to buy $1.5 billion of privatereinsurance did not reach the Florida Cabinet on Tues. and may berunning out of time before hurricane season, reports The Palm Beach Post.
|The Florida Hurricane Catastrophe Fund acts as low-costreinsurance that insurance companies buy to help them pay claimsafter storms. Back in January, Florida Hurricane Catastrophe FundCOO Jack Nicholson told the Post the $1.5 billion deal requiredapproval of Cabinet members and would raise consumer billslightly—less than 1%—but could help lower the risk of assessmentsto state insurance customers if the fund had to be bailed out aftera big catastrophe.
|Nicholson stopped short of saying the proposal is dead, butnoted it may be too late to arrange the coverage in time forhurricane season June 1, says the Post.
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