FHCF Releases May 2009 Bonding Capacity Report

May 29, 2009

The Florida Hurricane Catastrophe Fund (“FHCF”) has released its May 2009 Bonding Capacity Report, which may be viewed by clicking here.

In May and October of each year, the FHCF is required to publish an estimate of its borrowing capacity and projected balance as of December 31.  The May 2009 Bonding Capacity Report focuses on the ways in which the FHCF’s estimated loss reimbursement capacity will be impacted in the event HB 1495 is signed into law.  FHCF-related provisions in HB 1495 include: 

  • Reinstatement of the $10 million coverage option for certain companies;
  • Addition of a five percent “cash build-up factor”;
  • $2 billion reduction in the Temporary Increase in Coverage Limits (“TICL”) layer to $10 billion; and
  • TICL premium increases by a factor of two.

Other updates made to the FHCF Web site include:

 

Should you have any questions or comments, please contact Colodny Fass.

 

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