20160303 - Florida Hurricane Catastrophe Fund Reporting Updates - Public
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Florida Hurricane Catastrophe Fund Reporting Updates
March 03, 2016
To comply with Florida Hurricane Catastrophe Fund (FHCF) reporting requirements, Citizens has updated PolicyCenter® to provide more detailed occupancy information. The updates outlined below apply to new and renewal policies effective on or after May 1, 2016:
For commercial residential new submissions, a question on the Policy Type Questions screen has been updated:
Does any building contain Mercantile, Service, Office Units or any combination of these occupancies that exceed 25% of the total area?
New-Business Submissions, Policy Changes and Renewals
For commercial residential risks, the Eligibility/Reporting table located on the Details tab of the Buildings and Locations section has been renamed Citizens Commercial Residential Eligibility, and the occupancy description fields have been updated.
Figure 1: Citizens Commercial Residential Eligibility table with updated occupancy descriptions
For commercial residential policies, a new FHCF Reporting tab has been added to each building in the Buildings and Locations section. This tab includes a new FHCF Reporting Table that must be completed when a building is added to the policy or an existing building is updated.
For commercial nonresidential buildings with mixed occupancy, a new FHCF Reporting tab also has been added to each building in the Buildings and Locations section. This tab also includes a new FHCF Reporting Table and must be completed when the applicant interest is the building owner, and the building contains any residential exposure/units.
Figure 2: FHCF Reporting tab and table
The FHCF Reporting tab will not display for Auxiliary Buildings, Special Class Items or Builders Risk policies.
Citizens provides agent communications online for historical purposes only, and the communications have not been updated to include any changes that may have been made after publication. Agents can find the latest information by reviewing the applicable underwriting manuals, and by logging in and accessing our FAQs, which are available from the top of any page on our website.