II Florida Statutes, Rules and
Regulations Pertinent to General Lines
Insurance Complete Answers
Loss of Assessment (Ho-6) - ANSWER-Each HO6 condo unit policy automatically
includes loss assessment coverage. And in Florida each HO6 policy is required to
provide at least $2,000 in coverage per the Florida Statutes. The coverage is excess
over any other policy covering the same property, so the association's policy should
always respond first.
Exclusions - ANSWER-Aside from coverage limits pertaining to the covered perils,
general exclusions eliminates coverage from earth movement damages, water
damage from flood, rising waters, backup of sewers or drains, or underground
seepage, power failure that occurs away from the residence (power grid failure), war,
nuclear hazards.
Loss Settlement - ANSWER--Depending on the contract, losses are generally settled
on an actual cash value (ACV) or replacement cost basis
flood - ANSWER-Qualifying for the National Flood Insurance Program (NFIP)
coverage will depend on your flood zone and community where the property is
located. If your community does not participate with the NFIP, you could still be
eligible through a private carrier.
Citizens Property Insurance Corporation - ANSWER-Citizens was created by the
Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity
to provide property insurance to eligible Florida property owners unable to find
insurance coverage in the private market. Must have been denied from 2 other
carriers in order to qualify
Surplus Lines - ANSWER-Surplus lines insurance protects against a financial risk
that a regular insurance company will not take on.
Surplus lines insurance policies are available in a variety of classifications for both
individuals and businesses.
Surplus lines insurance is generally more expensive than regular insurance because
the risks are higher.
Florida Surplus Lines Service Office - ANSWER-The Florida Surplus Lines Service
Office (FSLSO) is a not-for-profit entity created by statute and regulated by the
Florida Department of Financial Services and the Florida Office of Insurance
Regulation.
Eligibility for Export - ANSWER-Statute 626.916
Regulations Pertinent to General Lines
Insurance Complete Answers
Loss of Assessment (Ho-6) - ANSWER-Each HO6 condo unit policy automatically
includes loss assessment coverage. And in Florida each HO6 policy is required to
provide at least $2,000 in coverage per the Florida Statutes. The coverage is excess
over any other policy covering the same property, so the association's policy should
always respond first.
Exclusions - ANSWER-Aside from coverage limits pertaining to the covered perils,
general exclusions eliminates coverage from earth movement damages, water
damage from flood, rising waters, backup of sewers or drains, or underground
seepage, power failure that occurs away from the residence (power grid failure), war,
nuclear hazards.
Loss Settlement - ANSWER--Depending on the contract, losses are generally settled
on an actual cash value (ACV) or replacement cost basis
flood - ANSWER-Qualifying for the National Flood Insurance Program (NFIP)
coverage will depend on your flood zone and community where the property is
located. If your community does not participate with the NFIP, you could still be
eligible through a private carrier.
Citizens Property Insurance Corporation - ANSWER-Citizens was created by the
Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity
to provide property insurance to eligible Florida property owners unable to find
insurance coverage in the private market. Must have been denied from 2 other
carriers in order to qualify
Surplus Lines - ANSWER-Surplus lines insurance protects against a financial risk
that a regular insurance company will not take on.
Surplus lines insurance policies are available in a variety of classifications for both
individuals and businesses.
Surplus lines insurance is generally more expensive than regular insurance because
the risks are higher.
Florida Surplus Lines Service Office - ANSWER-The Florida Surplus Lines Service
Office (FSLSO) is a not-for-profit entity created by statute and regulated by the
Florida Department of Financial Services and the Florida Office of Insurance
Regulation.
Eligibility for Export - ANSWER-Statute 626.916
