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, section 627.702 is amended to define "insurer" to include unauthorized insurers for the purpose of the valued policy law, effective July 1, 2025. The bill also makes conforming changes to sections 627.7011 and 627.7142 to reflect these updates.

The amendments clarify the liability of insurers in the event of total and partial losses, ensuring that the insurer's liability aligns with the amount for which the property was insured, provided certain conditions are met. The bill specifies that the amendments will not apply retroactively and will only affect claims filed after the effective date. Furthermore, it includes provisions that allow insurers to repair or replace damaged property without liability under the valued policy law, provided 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