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Florida Regulators Issue Sinkhole Data Call

The Florida Office of Insurance Regulation (OIR) has asked the state's commercial and residential property insurers to collect and submit sinkhole claims--a cost driver insurers have said is swallowing underwriting profits.

By staff Writer | Updated on August 24, 2010

NU Online News Service, Aug. 25, 2:23 p.m. EDT

The Florida Office of Insurance Regulation (OIR) has asked the state’s commercial and residential property insurers to collect and submit sinkhole claims–a cost driver insurers have said is swallowing underwriting profits.

Companies are required to report data from claims filed between 2006 and 2010 to the OIR by Sept. 21, according to the order. Regulators hope to gain a better understanding of the types of claims filed, testing procedures to determine legitimate claims, cost of inspections, location of the claims, legal and public adjuster fees, and amount of structural losses, the OIR said.

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