As is the case with most major weather events, Hurricane Ian impacts insurance professionals and the insurance industry at large not just locally in Florida but also across the nation. Read more to understand the implications Hurricane Ian has already had – and will continue to have – on insurance companies as well as individual insurance professionals who will work as public adjusters in Florida in the coming months.
How does Florida’s declared state of emergency affect insurance companies?
Florida Governor Ron DeSantis issued executive order 22-219 declaring a state of emergency for the entire state of Florida on September 24, 2022.
Following the declaration, the Florida Office of Insurance Regulation (OIR) issued an emergency order to limit insurance policy cancellations resulting from nonrenewals and extend grace periods for policy renewals and claims payments, among other provisions.
According to Emergency Order 300997-22-EO:
“From September 28 – November 28, no insurer or other regulated entity may cancel, non-renew or issue a notice of cancellation or nonrenewal of a policy or contract except at the written request of the policyholder. For policies that would have been cancelled during this period, the insurer will extend coverage through November 28 or any later date identified by the insurer and the premium for the extended term will be pro rated for that specific term.”
Florida Office of Insurance Regulation Commissioner David Altmaier addressed the order to all insurers, HMOS, premium finance companies, surplus lines, and other entities regulated by the OIR. As outlined in the order, these companies, organizations, and entities must comply with these special exceptions to standard regulatory workflows through at least November 28, 2022.
How will Hurricane Ian affect public adjusters who work in Florida?
As the damage from Hurricane Ian continues to be assessed, insurance adjusters across the country will play a pivotal role in the coming months to help Floridians recoup their losses.
The Florida Department of Financial Services Division of Insurance Agent and Agency Services requires public adjusters purchase a $50,000 Florida Public Adjuster Bond as part of its public insurance adjuster licensing process. Florida Public Adjuster Bonds can be purchased online with instant document delivery 24/7 without any credit check or underwriting. Surety bonds for public adjusters in Florida cost $500 annually with multi-year discounts available for extended terms. Once payment is processed, official surety bond documentation will be delivered in minutes by email.
Learn more about the Florida Public Adjuster Licensing Process here.
Our thoughts are with our principal clients and insurance colleagues in Florida as they navigate this difficult time.
Founded in 2009, SuretyBonds.com has streamlined the direct-to-consumer bonding experience by providing efficient, innovative, and informed surety bond solutions nationwide. If you need a surety bond for insurance adjuster licensing purposes, you can find the insurance adjuster bond you need online 24/7 or call 1(800)308-4358 to speak with a surety expert about your adjuster bonding needs.
