How much awareness does an insurance company enjoy to grant a client to abolish a policy contained by Florida?
Answers:
The 2005 Florida Statutes
Title XXXVII
INSURANCE Chapter 627
INSURANCE RATES AND CONTRACTS View Entire Chapter
627.4133 Notice of cancellation, nonrenewal, or renewal premium.--
(1) Except as provided contained by subsection (2):
(a) An insurer issuing a policy providing coverage for workers' compensation and employer's liability insurance, property, casualty, except mortgage guaranty, surety, or marine insurance, bar motor vehicle insurance subject to s. 627.728, shall give the name insured at least 45 days' credit written notice of nonrenewal or of the renewal premium. If the policy is not to be renewed, the written perceive shall state the reason or reason as to why the policy is not to be renewed. This requirement applies only if the insured have furnished all of the requisite information so as to enable the insurer to develop the renewal premium prior to the expiration date of the policy to be renewed.
(b) An insurer issuing a policy providing coverage for property, casualty, except mortgage guaranty, surety, or ocean insurance, other than motor vehicle insurance subject to s. 627.728 or s. 627.7281, shall make a contribution the named insured written mind of cancellation or termination save for nonrenewal at least 45 days prior to the important date of the cancellation or termination, including contained by the written notice the motivation or reasons for the invalidation or termination, except that:
1. When cancellation is for nonpayment of premium, at lowest possible 10 days' written notice of invalidation accompanied by the drive therefor shall be given; and
2. When such cancellation or termination occur during the first 90 days during which the insurance is in force and the insurance is canceled or terminated for reason other than nonpayment of premium, at lowest possible 20 days' written notice of reversal or termination accompanied by the plea therefor shall be given except where within has be a material misstatement or misrepresentation or damp squib to comply with the underwrite requirements established by the insurer.
After the policy has be in effect for 90 days, no such policy shall be canceled by the insurer except when nearby has be a material misstatement, a nonpayment of premium, a end to comply with underwrite requirements established by the insurer within 90 days of the date of effectuation of coverage, or a substantial adaptation in the risk covered by the policy or when the contradiction is for all insureds lower than such policies for a given class of insureds. The provisions of this subsection shall not apply to individually rated risks have a policy term of smaller amount than 90 days.
(c) If an insurer fails to provide the 45-day or 20-day written thought required under this division, the coverage provided to the named insured shall remain surrounded by effect until 45 days after the notice is given or until the powerful date of replacement coverage obtained by the name insured, whichever occurs first. The premium for the coverage shall remain indistinguishable during any such extension period except that, surrounded by the event of failure to provide see of nonrenewal, if the rate filing consequently in effect would own resulted in a premium money off, the premium during such extension of coverage shall be calculated based upon the subsequent rate filing.
(2) With respect to any personal lines or commercial residential property insurance policy, including, but not constrained to, any homeowner's, mobile home owner's, farmowner's, condominium association, condominium unit owner's, apartment building, or other policy covering a residential structure or its contents:
(a) The insurer shall impart the named insured at smallest 45 days' advance written interest of the renewal premium.
(b) The insurer shall give the name insured written notice of nonrenewal, reversal, or termination at least 90 days prior to the decisive date of the nonrenewal, cancellation, or termination. The thought must include the reason or reason for the nonrenewal, cancellation, or termination, except that:
1. When invalidation is for nonpayment of premium, at least 10 days' written spy of cancellation accompany by the reason therefor shall be given.
2. When such dissolution or termination occurs during the first 90 days during which the insurance is contained by force and the insurance is canceled or terminated for reasons except nonpayment of premium, at least 20 days' written discern of cancellation or termination accompany by the reason therefor shall be given except where on earth there have been a matter misstatement or misrepresentation or failure to comply beside the underwriting requirements established by the insurer.
After the policy have been contained by effect for 90 days, the policy shall not be canceled by the insurer except when there have been a objects misstatement, a nonpayment of premium, a failure to comply next to underwriting requirements established by the insurer in 90 days of the date of effectuation of coverage, or a substantial change surrounded by the risk covered by the policy or when the cancellation is for adjectives insureds under such policies for a given class of insureds. This paragraph does not apply to individually rate risks having a policy residence of less than 90 days.
(c) If the insurer fail to provide the notice required by this subsection, except the 10-day notice, the coverage provided to the name insured shall remain in effect until the decisive date of replacement coverage or until the expiration of a period of days after the awareness is given equal to the required notice term, whichever occurs first. The premium for the coverage shall remain equal during any such extension period except that, surrounded by the event of failure to provide mind of nonrenewal, if the rate filing afterwards in effect would own resulted in a premium decline, the premium during such extension shall be calculated based on the next rate filing.
(d)1. Upon a allegation of an emergency pursuant to s. 252.36 and the filing of an decree by the Commissioner of Insurance Regulation, an insurer may not cancel or nonrenew a personal residential or commercial residential property insurance policy covering a dwelling or residential property located within this state which has be damaged as a result of a hurricane or snake loss that is the subject of the speech of emergency for a period of 90 days after the dwelling or residential property have been repaired. A structure is deem to be repaired when substantially completed and restored to the extent that it is insurable by another authorized insurer that is writing policies within this state.
2. However, an insurer or agent may cancel or nonrenew such a policy prior to the repair of the dwelling or residential property:
a. Upon 10 days' consideration for nonpayment of premium; or
b. Upon 45 days' notice:
(I) For a stuff misstatement or fraud related to the claim;
(II) If the insurer determines that the insured has unreasonably cause a delay contained by the repair of the dwelling; or
(III) If the insurer has compensated policy limits.
3. If the insurer elect to nonrenew a policy covering a property that has be damaged, the insurer shall provide at tiniest 90 days' notice to the insured that the insurer intends to nonrenew the policy 90 days after the dwelling or residential property have been repaired. Nothing surrounded by this paragraph shall prevent the insurer from canceling or nonrenewing the policy 90 days after the repairs are complete for the same reason the insurer would otherwise have canceled or nonrenewed the policy but for the limitations of subparagraph 1. The Financial Services Commission may adopt rules, and the Commissioner of Insurance Regulation may issue information, necessary to implement this paragraph.
4. This paragraph shall also apply to personal residential and commercial residential policies covering property that be damaged as the result of Tropical Storm Bonnie, Hurricane Charley, Hurricane Frances, Hurricane Ivan, or Hurricane Jeanne.
(e) If any invalidation or nonrenewal of a policy subject to this subsection is to take effect during the duration of a hurricane as defined within s. 627.4025(2)(c), the effective date of such reversal or nonrenewal is extended until the end of the duration of such hurricane. The insurer may collect premium at the prior rates or the rates consequently in effect for the term of time for which coverage is extended. This paragraph does not apply to any property with respect to which replacement coverage have been obtain and which is in effect for a claim occurring during the duration of the hurricane.
(3) Claims on property insurance policies that are the result of an feat of God may not be used as a cause for contradiction or nonrenewal, unless the insurer can demonstrate, by claims frequency or otherwise, that the insured has one-time to take motion reasonably vital as requested by the insurer to prevent recurrence of lay waste to to the insured property.
(4) Notwithstanding the provisions of s. 440.42(3), if cancellation of a policy providing coverage for workers' compensation and employer's liability insurance is requested by the insured, such invalidation shall be effective on the date the haulier sends the notice of withdrawal to the insured.
(5) An insurer that cancels a property insurance policy on property secured by a mortgage due to the letdown of the lender to timely pay the premium when due shall reinstate the policy as required by s. 501.137.
(6) A single claim on a property insurance policy which is the result of river damage may not be used as the sole create for cancellation or nonrenewal unless the insurer can demonstrate that the insured have failed to purloin action as expected requested by the insurer to prevent a future similar pervasiveness of damage to the insured property.
History.--s. 16, ch. 86-160; s. 2, ch. 87-50; s. 8, ch. 87-124; s. 12, ch. 90-119; ss. 35, 114, ch. 92-318; s. 15, ch. 93-410; s. 99, ch. 93-415; s. 13, ch. 2004-370; s. 43, ch. 2004-374; ss. 109, 158, ch. 2004-390; s. 10, ch. 2005-111.