Florida has established a new Joint Underwriting Association to provide commercial property insurance to those businesses unable to secure coverage in the private market.
The new JUA was established through an emergency rule approved by Governor Jeb Bush after a presentation by Insurance Commissioner Kevin McCarty on the growing commercial insurance problem facing the state. Under Florida law, the state can form a JUA to help provide commercial property coverage only if enough businesses appeal to the state for help.
"I have heard from too many Florida business owners who are facing losing their insurance in the middle of hurricane season," Mr. McCarty said in a statement. "If left unchecked, this problem will have a negative effect on our state's economy, as we have already heard from businesses that may have to move out of Florida."
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