Florida Regulations 59A-27.009: Financial Responsibility Coverage Amounts
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Proof of financial responsibility must be demonstrated through one of the following methods in the following coverage amounts:
(1) Establishing and maintaining an escrow account consisting of cash or assets eligible for deposit in accordance with Florida Statutes § 625.52 The cash or assets deposited shall be in an amount not less than $1,000,000 per claim, with a minimum aggregate deposit of not less than $3,000,000.
(2) Obtaining and maintaining an unexpired irrevocable letter of credit established pursuant to Florida Statutes Chapter 675, in an amount not less than $1,000,000 per claim, with a minimum aggregate amount of credit of not less than $3,000,000. Such letters of credit shall be issued by any bank or savings association organized and existing under the laws of this state or any bank or savings association organized under the laws of the United States that has its principal place of business in this state or has a branch office which is authorized under the laws of this state or of the United States to receive deposits in this state.
(3) Obtaining and maintaining professional liability coverage in an amount not less than $1,000,000 per claim, with a minimum annual aggregate of not less than $3,000,000 from one of the following:
(a) An authorized insurer as defined under Florida Statutes § 624.09;
(b) An eligible surplus lines insurer as defined under Florida Statutes § 626.918(2);
(c) A risk retention group or purchasing group as defined under Florida Statutes § 627.942; or
(d) A plan of self-insurance as provided in Florida Statutes § 627.357
Rulemaking Authority 400.980 FS. Law Implemented Florida Statutes § 400.980. History-New 8-12-91, Formerly 7G-1.025, 61E6-1.025, 64B22-1.009, Amended 6-27-02.
Terms Used In Florida Regulations 59A-27.009
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
(2) Obtaining and maintaining an unexpired irrevocable letter of credit established pursuant to Florida Statutes Chapter 675, in an amount not less than $1,000,000 per claim, with a minimum aggregate amount of credit of not less than $3,000,000. Such letters of credit shall be issued by any bank or savings association organized and existing under the laws of this state or any bank or savings association organized under the laws of the United States that has its principal place of business in this state or has a branch office which is authorized under the laws of this state or of the United States to receive deposits in this state.
(3) Obtaining and maintaining professional liability coverage in an amount not less than $1,000,000 per claim, with a minimum annual aggregate of not less than $3,000,000 from one of the following:
(a) An authorized insurer as defined under Florida Statutes § 624.09;
(b) An eligible surplus lines insurer as defined under Florida Statutes § 626.918(2);
(c) A risk retention group or purchasing group as defined under Florida Statutes § 627.942; or
(d) A plan of self-insurance as provided in Florida Statutes § 627.357
Rulemaking Authority 400.980 FS. Law Implemented Florida Statutes § 400.980. History-New 8-12-91, Formerly 7G-1.025, 61E6-1.025, 64B22-1.009, Amended 6-27-02.