Florida Hurricane Fund Gets More Time on Claims

May 19, 2011

The Florida Hurricane Catastrophe Fund has been given more time to respond to an influx of claims from 2005 storms.

A state panel chaired by Gov. Rick Scott approved an emergency rule waiving a 60-day deadline for acting on claims forwarded from the states 67 property insurance companies.

The so-called “cat fund” provides backup coverage if claims exceed a company’s ability to pay them.

The board’s executive director, Ash Williams, said an unusually large number of claims were filed for 2005 storms shortly before the five-year deadline. Williams said most were from Hurricane Wilma and a large number are for condominiums.

The property insurance legislation signed into law this week by Scott attempts to curb the cost of reopened and late claims by placing a three-year statute of limitation on hurricane and windstorm claims.

Other board members approving the extension were Chief Financial Officer Jeff Atwater and Attorney General Pam Bondi.

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