Florida Hurricane Catastrophe Fund Announces 2018 Maximum Statutory Adjusted Capacity for Mandatory, Statutory and Optional Coverage; Aggregate Retention
Jan 2, 2018
In a notice issued December 19, 2017, the Florida Hurricane Catastrophe Fund (“FHCF”) announced its maximum statutory adjusted capacity for mandatory FHCF coverage, the maximum statutory coverage for any optional coverage, and the aggregate fund retention used to calculate individual insurers’ retention multiples for the FHCF Reimbursement Contract Year commencing on June 1, 2018
As provided in Section 215.555(4)(c)1., F.S., the maximum statutory capacity for the mandatory FHCF coverage is $17 billion.
No additional optional coverages are available for the Reimbursement Contract Year commencing on June 1, 2018, the FHCF said.
The aggregate fund retention used to calculate individual insurers’ retention multiples is $7.255 billion.
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