(1) Losses are to be settled on an actual cash value (ACV) basis of the damaged property has been replaced with property of like kind and quality; or pay the cost of repairing; which is less. Actual cash value for the building and contents is defined as replacement cost less depreciation. DFS-D0-1391 will be used to report information needed by the Division to calculate an ACV.

Terms Used In Florida Regulations 69H-1.007

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
    (2) Lightning losses will require, in addition to standard documentation for a claim, Form DFS-D0-855 as adopted in rule Fla. Admin. Code R. 69H-1.003
    (3) When final settlement of a claim is agreed to, the claims coordinator will sign and return Form DFS-D0-856 as adopted in rule Fla. Admin. Code R. 69H-1.003, in duplicate, to the Division.
Rulemaking Authority 284.17 FS. Law Implemented Florida Statutes § 284.01. History—New 7-29-72, Formerly 4-29.08, Amended 5-9-91, Formerly 4-29.008, Amended 1-7-92, 12-27-95, 6-21-01, Formerly 4H-1.007.