Florida Senate - 2021 COMMITTEE AMENDMENT Bill No. SB 76 Ì480584=Î480584 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Taddeo) recommended the following: 1 Senate Amendment to Substitute Amendment (977334) 2 3 Delete lines 29 - 44 4 and insert: 5 4. Include an acknowledgment form to be signed by the 6 insured as acknowledgment that the roof surface schedule is a 7 limitation of payment owed by the carrier. This signed form must 8 be returned to the carrier and agent, if applicable, before a 9 carrier may issue a policy with a roof surface reimbursement 10 schedule. The acknowledgment form must be in bold type, no 11 smaller than 14 points, and be worded exactly as follows: 12 13 “PLEASE DISCUSS WITH YOUR INSURANCE AGENT. YOU ARE ELECTING TO 14 PURCHASE COVERAGE ON YOUR ROOF ACCORDING TO A ROOF SURFACE 15 REIMBURSEMENT SCHEDULE. IF YOUR ROOF IS DAMAGED BY A COVERED 16 PERIL, YOU WILL RECEIVE A PAYMENT AMOUNT FOR YOUR ROOF ACCORDING 17 TO THE SCHEDULE BELOW. BE ADVISED THAT THIS MAY RESULT IN YOU 18 HAVING TO PAY, USING YOUR OWN SEPARATE FUNDS, SIGNIFICANT COSTS 19 TO REPAIR OR REPLACE YOUR ROOF WHICH YOUR INSURANCE CARRIER IS 20 NOT LIABLE FOR. THESE AMOUNTS ARE IN ADDITION TO YOUR 21 DEDUCTIBLE.” 22 23 5. Include an acknowledgment form, completed by the 24 insurance carrier through the use of commercially accepted 25 means, which must be signed by the insured before issuance of 26 the policy. If the policy is issued before the roof attains 10 27 years of age, and the roof attains 10 years of age during the 28 policy period, a new acknowledgment form must be provided to the 29 insured at least 60 days before the renewal date. Failure to 30 provide the acknowledgment form at any time renders this policy 31 a replacement cost policy for the roof surface materials and not 32 subject to the roof surface schedule allowed by this section. 33 The acknowledgment form must be in bold type, no smaller than 14 34 points, and be worded exactly as follows: 35 36 “WARNING! YOUR ROOF SURFACE IS ESTIMATED TO COVER .... SQUARE 37 FEET OF YOUR HOME. YOUR ROOF IS CURRENTLY .... YEAR(S) OLD. IF 38 YOUR ROOF IS CURRENTLY 10 YEARS OLD OR OLDER, OR UPON YOUR ROOF 39 BECOMING 10 YEARS OLD OR OLDER, AND BECAUSE YOUR ROOF IS OF A 40 .... TYPE OF MATERIAL, IN THE EVENT OF A COVERED LOSS THIS 41 POLICY WILL ONLY COVER .... PERCENT OF THE REPLACEMENT FOR YOUR 42 ROOF SURFACE MATERIALS. IF YOUR COVERED LOSS REQUIRES A FULL 43 ROOF REPLACEMENT, THE ESTIMATED COST OF THE ROOF SURFACE 44 MATERIALS ONLY IS $..... IN THAT EVENT, YOUR POLICY WILL ONLY 45 COVER $...., LEAVING YOU RESPONSIBLE FOR PAYMENT OF $.... IN 46 ADDITION TO YOUR CHOSEN DEDUCTIBLE OF $..... THESE ARE JUST 47 ESTIMATES AND THE ACTUAL AMOUNT COULD BE MORE THAN THE AMOUNT 48 STATED ABOVE.” 49 50 6. Allow for actuarially sound methods of s. 627.062 to 51 apply. 52 7. Be approved by the office. 53 8. Be provided to the insured with the policy documents at 54 issuance and at least 60 days before each renewal.