View this article online: https://www.insurancejournal.com/news/southeast/2011/05/19/199210.htm
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.