Florida Regulations 69H-1.007: Settlement of Losses
Current as of: 2024 | Check for updates
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(1) Losses are to be settled on an actual cash value (ACV) basis of the damaged property that has been replaced with property of like kind and quality; or pay the cost of repairing; whichever is less. Actual cash value for the building and contents is defined as replacement cost less depreciation.
(2) Lightning losses will require submission of Form DFS-D0-855, Statement – Lightning Losses, (Effective 09/2022), which is hereby incorporated by reference in addition to the standard documentation for a claim. A copy of the form is available at https://myfloridacfo.com/Division/Risk/ or http://www.flrules.org/Gateway/reference.asp?No=Ref-15374.
(3) When final settlement of a claim is agreed to, the claims coordinator will sign and return Form DFS-D0-856, Certificate of Proof of Loss, (Effective 09/2022), which is hereby incorporated by reference, to the Division of Risk Management. A copy of the form is available at https://myfloridacfo.com/Division/Risk or http://www.flrules.org/Gateway/reference.asp?No=Ref-15375.
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, Amended 7-18-23.
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.
(3) When final settlement of a claim is agreed to, the claims coordinator will sign and return Form DFS-D0-856, Certificate of Proof of Loss, (Effective 09/2022), which is hereby incorporated by reference, to the Division of Risk Management. A copy of the form is available at https://myfloridacfo.com/Division/Risk or http://www.flrules.org/Gateway/reference.asp?No=Ref-15375.
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, Amended 7-18-23.