69H-1.007. Settlement of Losses

(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 284.01 FS. 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.