Emergency Order
An order was issued September 28, 2022 by Commissioner Altmaier regarding issues stemming from Hurricane Ian. Since a state of emergency was declared by the governor, the commissioner is able to issue additional orders applicable to all insurance companies and entities subject to the Florida Insurance Code. A copy of the order may be found here.
Time Limits
The order provides that any policy that imposes a time limit on any insured to perform an act, including payment of premium, that was to be completed on or after September 28, 2022, that time limit is now extended to November 28, 2022. Insureds are still required to cooperate in the adjustment of any claims relative to property damage. The time extension does not apply to new policies effective on or after September 28, 2022.
Interest
Interest, penalties or other charges shall not be accrued or assessed against insureds because of the mandated time extensions. Interest that is owed pursuant to premium financing plans with premium finance companies, insurers or affiliates, may be assessed.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.