FHCF Assessment to Discontinue 1/1/2015
The Florida Office of Insurance Regulation (OIR) has ordered that the Florida Hurricane Catastrophe Fund (FHCF) assessment is discontinued on all applicable Surplus Lines policies with an effective date on or after January 1st, 2015. The assessment fee will still apply to endorsements in 2015 for policies with an inception date prior to January 1.
The FHCF was created on November 1993 as a result of Hurricane Andrew. In the event of a catastrophic hurricane, the FHCF would aid insurers by providing reimbursement for a portion of their loss incurred.
The current rate for the FHCF assessment is 1.3% and applies to both admitted and surplus lines carriers.