Is an Additional Insured Entitled to a Loss Run Statement?
According to the Florida Senate's bill analysis and fiscal impact statements, the legislation is intended to create a "statutory framework regarding when and how insurers are required to provide loss run statements to insureds," with the expectation that same may possibly "help consumers with favorable claim histories to obtain insurance at a lower premium."
December 28, 2020 at 01:55 PM
5 minute read
This year, the Florida Legislature promulgated two sections to the Florida Statutes, which require surplus lines and authorized insurers to "provide" an "insured" with a "loss run statement" within 15 calendar days after receipt of a written request for such information. See Fla. Stats. Sections 626.9202(2), 627.444(2). According to the Florida Senate's bill analysis and fiscal impact statements, the legislation is intended to create a "statutory framework regarding when and how insurers are required to provide loss run statements to insureds," with the expectation that same may possibly "help consumers with favorable claim histories to obtain insurance at a lower premium." The sections include pertinent definitions to facilitate their interpretation and application with these goals in mind, including setting forth precise definitions for the statutory terms "provide" and "loss run statement." See Fla. Stats. Sections 626.9202(1)(a)-(b), 627.444(1)(a)-(b) (defining "provide" as "to electronically send a document or to allow access through an electronic portal to view or generate a document" and defining "loss run statement" as "a report that contains the policy number, the period of coverage, the number of claims, the paid losses on all claims, and the date of each loss"). The sections do not, however, define the term "insured."
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