Over 47,000 Policies to be Kept Out of FWUA Over Next 15 Months.Business Editors JACKSONVILLE, Fla.--(BUSINESS WIRE)--March 7, 2001 Under a new plan designed to keep policies out of the Florida Windstorm wind·storm n. A storm with high winds or violent gusts but little or no rain. windstorm A storm with high winds or violent gusts but little or no rain. Underwriting Association, Atlantic Preferred Insurance Company has agreed to keep approximately 47,000 policies out of the FWUA FWUA Florida Windstorm Underwriting Association over the course of the next 15 months. The "Renewal Keep Out Program," which was approved by the Florida Department Florida is a department (departamento) of Uruguay. Population and Demographics As of the census of 2004, there were 68,181 people and 21,938 households in the department. The average household size was 3.1. For every 100 females, there were 100.4 males. of Insurance in January, allows insurers to remove policies from the FWUA on their renewal date, which alleviates some of the confusion seen in past programs where policies could be taken out of the wind pool mid-term. Atlantic Preferred Insurance Company, a subsidiary of Poe Financial Group of Tampa, will keep out 47,055 policies. Atlantic Preferred carries a Demotech rating of A Exceptional. Ron Natherson, spokesman for the wind pool, said that "the renewal keep out program will help to depopulate de·pop·u·late tr.v. de·pop·u·lat·ed, de·pop·u·lat·ing, de·pop·u·lates To reduce sharply the population of, as by disease, war, or forcible relocation. the FWUA and get policies back into the private insurance market." In 1997, the Florida Legislature mandated depopulation DEPOPULATION. In its most proper signification, is the destruction of the people of a country or place. This word is, however, taken rather in a passive than an active one; we say depopulation, to designate a diminution of inhabitants, arising either from violent causes, or the want of of the Residential Property and Casualty Joint Underwriting Association (JUA JUA Joint Underwriting Association (insurance) JUA Journal of Underwater Acoustics JUA Jamaat-ul-Ansar ), and the FWUA in a continuing effort to help stabilize Florida's property insurance market. Atlantic Preferred will take approximately 10,800 dwelling policies, and 36,200 unit owner policies for a total exposure of $4.2 billion. Under the provisions of the program, policyholders will receive information on the program at least 90 days prior to their renewal date. The first notices of non-renewal issued by the FWUA are expected in mid-March for policies renewing on or after July 3, 2001. Policyholders who receive notification of the planned keep out have the option of accepting the offer of coverage from Atlantic Preferred or shopping for the coverage from other insurers. The statute by which the FWUA was established, says that if a qualified offer of coverage exists in the private insurance market, then a policyholder is no longer eligible for coverage in the FWUA. The FWUA is the state's insurer of last resort insurer of last resort An insurance plan that accepts 'uninsurable' persons who have expensive and/or chronic diseases, and cannot obtain coverage at market rates. See Blues. for hurricane and windstorm insurance, and was formed in 1970 by the Florida Legislature. It currently has over 432,000 policyholders with exposure of over $92 billion. |
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