Article
Courtesy of The Capitolist
By Caden DeLisa
Published May 9, 2024
New legislation signed into law this week
sets clearer, stricter deadlines for filing loss assessment
coverage claims by condominium owners, aimed at reducing
legal disputes and streamlining the insurance claim process.
Gov. Ron DeSantis signed legislation on Thursday that
mandates stricter timelines for filing loss assessment
coverage claims for condominium unit owners, aiming to
clarify insurance processes and limit disputes between
owners and insurers.
The law addresses a gap in the state’s condominium insurance
requirements, previously marked by vague guidelines for when
claims for loss assessment coverage had to be filed. Such
coverage covers condominium owners’ financial
responsibilities for damages to shared property areas. The
legislation is a section of the broader Consumer Protection
bill, HB 939, which encompasses various enhancements to
consumer rights.
The bill further mandates that a notice of claim for loss
assessment coverage must be submitted within three years of
the date of loss. Additionally, this notice must be provided
to the insurer either within one year after the date of loss
or within 90 days after a condominium association decides to
levy an assessment due to the loss, whichever is later.
It also clarifies the “date of loss” as the actual day the
damage occurred, a specification expected to prevent
ambiguity and ensure that insurers and policyholders have
consistent understanding. The adjustment is expected to
streamline claims processing and reduce legal friction
between condominium owners and insurance companies,
potentially leading to faster settlements.
Other provisions within the bill include streamlines tax
reporting for transactions via platforms like PayPal,
mandatory cancellation clauses in emergency roof repair
contracts, expanded definitions for depository institutions,
updated CPA education requirements, and stricter disclosures
for short-term health insurance plans.
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