Florida Senate Panel OKs Property Insurance Bill

Law360, New York (April 5, 2011, 6:52 PM EDT) -- A Florida Senate panel on Tuesday approved a wide-ranging bill that aims to lower property insurers' costs by eliminating sinkhole coverage requirements and allowing them to cancel policies if they lack adequate reinsurance coverage for hurricanes.

The Florida Senate's Rules Committee passed S.B. 408 in a 9-3 vote, bringing the sweeping legislation backed by the state's business interests one step closer to a full Senate vote. The bill would give Florida insurers broader latitude to change or cancel policies, and it would reform coverage for sinkhole...
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