Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 420
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/21/2017           .                                

       The Committee on Banking and Insurance (Brandes) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete lines 41 - 94
    4  and insert:
    5  lines residential coverage for the peril of flood or excess
    6  coverage for the peril of flood on any structure or the contents
    7  of personal property contained therein, subject to this section.
    8  This section does not apply to commercial lines residential or
    9  commercial lines nonresidential coverage for the peril of flood.
   10  This section also does not apply to coverage for the peril of
   11  flood that is excess coverage over any other insurance covering
   12  the peril of flood. An insurer may issue flood insurance
   13  policies, contracts, or endorsements on a standard, preferred,
   14  customized, flexible, or supplemental basis.
   15         (1)(a) Except for excess flood insurance policies, policies
   16  issued under this section include:
   17         1. Standard flood insurance, which must cover only losses
   18  from the peril of flood, as defined in paragraph (b), equivalent
   19  to that provided under a standard flood insurance policy under
   20  the National Flood Insurance Program. Standard flood insurance
   21  issued under this section must provide the same coverage,
   22  including deductibles and adjustment of losses, as that provided
   23  under a standard flood insurance policy under the National Flood
   24  Insurance Program.
   25         2. Preferred flood insurance, which must include the same
   26  coverage as standard flood insurance but:
   27         a. Include, within the definition of “flood,” losses from
   28  water intrusion originating from outside the structure that are
   29  not otherwise covered under the definition of “flood” provided
   30  in paragraph (b).
   31         b. Include coverage for additional living expenses.
   32         c. Require that any loss under personal property or
   33  contents coverage that is repaired or replaced be adjusted only
   34  on the basis of replacement costs up to the policy limits.
   35         3. Customized flood insurance, which must include coverage
   36  that is broader than the coverage provided under standard flood
   37  insurance.
   38         4. Flexible flood insurance, which must cover losses from
   39  the peril of flood, as defined in paragraph (b), and may also
   40  include coverage for losses from water intrusion originating
   41  from outside the structure which is not otherwise covered by the
   42  definition of flood. Flexible flood insurance must include one
   43  or more of the following provisions:
   44         a. An agreement between the insurer and the insured that
   45  the flood coverage is in a specified amount, such as coverage
   46  that is limited to the total amount of each outstanding mortgage
   47  applicable to the covered property.
   48         b. A requirement for a deductible in an amount authorized
   49  under s. 627.701, including a deductible in an amount authorized
   50  for hurricanes.
   51         c. A requirement that flood loss to a dwelling be adjusted
   52  in accordance with s. 627.7011(3) or adjusted only on the basis
   53  of the actual cash value of the property.
   54         d. A restriction limiting flood coverage to the principal
   55  building defined in the policy.
   56         e. A provision including or excluding coverage for
   57  additional living expenses.
   58         f. A provision excluding coverage for personal property or
   59  contents as to the peril of flood.
   60         5. Supplemental flood insurance, which may provide coverage
   62  ================= T I T L E  A M E N D M E N T ================
   63  And the title is amended as follows:
   64         Delete line 7
   65  and insert:
   66         amending s. 627.715, F.S.; authorizing certain
   67         insurers to issue insurance policies, contracts, or
   68         endorsements providing certain excess coverage for the
   69         peril of flood; revising applicability;