What is an assessment and why is it needed?
As a result of 2005 storms, Citizens Insurance incurred more than $2.6 billion in losses, stemming from 168,377 claims. Because of these losses and insufficient premiums to pay those claims, Citizens had a shortfall of $1.7 billion. Under Florida law, this amount is to be recouped by an assessment on property insurance companies statewide to ensure Citizens is able to pay claims in the event of future storms.
Related Questions
- Our community manager told us we needed to put a process in place for violations and assessment of fines, yet he/she wont do anything to enforce the rules. What do we do?
- What documentation is needed to request a dual language assessment or consideration for a waiver?
- When is a formal specific written risk assessment needed?
