House Bill 601, passed by the 2008 Florida Legislature, brought a number of notable changes to Chapter 718 of the Florida Statutes — and not a little controversy. One of the most contentious of the changes to the condominium statutes was the one requiring that "The association must be an additional named insured and loss payee on all casualty insurance policies issued to unit owners in the condominium operated by the association."
Since the bill's passage, rumors have abounded that its requirements didn't have to be observed, were superseded, or would be changed. To separate real from rumor, Florida Underwriter spoke with David Thompson, CPCU, AAI, API, and an instructor with the Florida Association of Insurance Agents (FAIA).
Thompson assured us that House Bill 601 is for real – until dealt with in the 2009 session by a possible "glitch" bill, and answered some of the recurring questions.
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