This bill amends Florida Statutes to require surplus lines insurers to comply with the valued policy law under specific circumstances. It introduces a new subsection in section 626.926, stating that unauthorized insurers assuming surplus lines direct risks must adhere to the valued policy law as applicable under section 627.702. Additionally, the term "insurer" is defined to include surplus lines insurers for the purpose of the valued policy law, effective July 1, 2025. The bill also makes conforming amendments to sections 627.7011 and 627.7142 to align with these changes.

The bill clarifies the liability of insurers in the event of total and partial losses, specifying that insurers are liable for the amount for which the property was insured, provided certain conditions are met. It also emphasizes that the amendments will not be applied retroactively and will only affect claims filed after the effective date. Other provisions include the ability for insurers to repair or replace damaged property without liability under the valued policy law, as long as they return a portion of the premium to the insured. The act is set to take effect on July 1, 2025.

Statutes affected:
S 328 Filed: 627.702, 627.7011, 627.7142