20160303 - Florida Hurricane Catastrophe Fund Reporting Updates - Public
Florida Hurricane Catastrophe Fund Reporting Updates
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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:
New-Business Submissions
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
Note
The FHCF Reporting tab will not display for Auxiliary Buildings, Special Class Items or Builders Risk policies.