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FLORIDA HURRICANE CATASTROPHE FUND (FHC) CLAIMS EXAMINATION CONTRACT YEAR 2021 ADVANCE PREPARATION INSTRUCTIONSCompany:Date of Examination:Advance Records Due:Event(s):Contract Year: (Year event occurred)The
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The Florida Hurricane Catastrophe Fund (FHCF) is a state fund that provides additional coverage to insurers for losses resulting from hurricanes in Florida. It is designed to help stabilize the insurance market and ensure that homeowners have access to affordable coverage during catastrophic events.
Insurers that write property insurance in Florida and participate in the FHCF must file the required documents. This typically includes insurance companies that offer residential property insurance coverage.
To fill out the FHCF filing, insurers must collect relevant data on their written premiums and losses due to hurricanes. They should follow the specific forms and guidelines provided by the FHCF, which may include detailed instructions on data reporting and submission methods.
The purpose of the FHCF is to provide financial assistance to insurers in the event of significant hurricane-related losses. This fund aims to promote market stability and reduce the risk of financial insolvency for property insurance companies in Florida.
Insurers must report information including but not limited to: total written premiums for residential property insurance, incurred losses related to hurricanes, and any claims data associated with hurricane events as per the rules outlined by the FHCF.
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