Standard Personal Lines Advisory Committee re Property Insurance Coverage 01/10/2006

Dec 13, 2006

The Standard Personal Lines Advisory Committee held a conference call yesterday to further develop the recommendations it plans to make to the Florida Office of Insurance Regulation (OIR) and the Legislature regarding property insurance coverage in Florida. 
The Committee is charged with the responsibility of reviewing property insurance policies currently utilized in Florida and making recommendations to the Legislature regarding the types of coverages that would most benefit property owners, as well as developing a checklist that a consumer may use to determine the coverages contained in a property insurance policy. 
The Committee updated the latest draft of its proposed checklist of coverages which will be circulated today.  This checklist will be presented to the OIR for use in its rulemaking proceedings to develop the statutorily mandated property checklist insurers are now required to provide.  
The Committee also determined that rather than creating standard policy language, the Committee will draft an executive summary containing recommendations regarding the types of property coverages which should be included in a standard policy. 
The Committee plans to have a draft of this executive summary completed by Friday, January 13, 2006.  We will continue to monitor developments and will circulate the Committee drafts upon receipt.