TALLAHASSEE, Fla. (AP) — Florida's hurricane fund chief is warning that the state-created fund used to help insurers pay off claims after a big storm is in danger.
The state has relied on a hurricane fund ever since Hurricane Andrew devastated South Florida nearly 20 years ago. Insurers get help to pay homeowners if a hurricane — or a series of hurricanes — results in widespread damages.
But Jack Nicholson, the chief operating officer of the fund, told state legislators on Wednesday that the fund is on "shaky ground." He said ongoing turmoil in the world financial markets is raising questions about whether the fund could borrow enough money to help insurers after a hurricane.
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