Volume 5 Number 1
January 4, 2008
Starting this week, Florida drivers are once again required to carry personal injury protection (PIP) coverage under legislative reforms made to Florida’s Motor Vehicle No-Fault Law. As part of the new legislation, insurance companies must notify policyholders how the mandatory restoration of PIP will impact them.

As Chief Financial Officer, the centerpiece of CFO Sink's role is to educate Floridians about important financial issues. To help, here is a summary of key legal reforms that took place on January 1, 2008, to Florida’s Motor Vehicle No-Fault Law.
  • Florida motor vehicle owners and operators will be required to carry PIP in the amount of $10,000 for losses sustained by the insured or covered person as a result of bodily injury, sickness, disease, or death arising out of the ownership, maintenance, or use of a motor vehicle.
     
  • By law, PIP coverage pays the following benefits, up to the $10,000 limit: 80 percent of reasonable and medically necessary medical expenses; 60 percent of disability benefits for lost gross income and earning capacity; 100 percent of replacement services (such as child care, housekeeping, etc.); and $5,000 per individual death benefit.

If you need assistance, we encourage you to contact your insurance agent or healthcare provider or call our Consumer Helpline at 1-877-MyFLCFO.

 

 

 

DCIS
PREVIOUS ARRESTS

 DOZENS OF FLORIDIANS ACCUSED OF FRAUDULENTLY OBTAINING DRIVER LICENSES, RISKING NATIONAL SECURITY
Seven arrested in ongoing investigation that may lead to hundreds of arrests

Florida Chief Financial Officer Alex Sink announced the arrests of seven Floridians accused of posing a risk to Florida’s and the nation’s security by fraudulently obtaining Florida Commercial Driver Licenses (CDLs). The investigation is ongoing and authorities believe hundreds of individuals are involved, with additional arrests anticipated. Some will also be charged with insurance application fraud.

Between November 2005 and April 2007, civilians who had never been in the military fraudulently obtained a United States Department of Defense waiver form. The waiver indicated that the holder had been trained by the United States Army to operate heavy vehicles. Some of these individuals, who had never received or completed the required training, used these fraudulently obtained CDLs to obtain either personal or commercial vehicle insurance.

“This scheme posed a risk to our nation’s security and put others on the road in jeopardy because these drivers did not have the training they claimed to have,” said CFO Sink. “I thank all of the law enforcement agencies involved for working together to protect Floridians and our nation.”

CFO Sink, who oversees the Department of Financial Services’ Division of Insurance Fraud (DIF), said that today’s arrests follow an investigation by DIF, the U.S. Department of Defense - Defense Criminal Investigative Service (DCIS); U.S. Immigration and Customs Enforcement (ICE); the Florida Highway Patrol, and the Florida Department of Transportation Motor Carrier Compliance Office.
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WHY SHOULD YOU MAKE AN INVESTMENT TO STRENGTHEN YOUR HOME AGAINST HURRICANES?  We’ve got three good reasons:

Reason 1: A free wind inspection. Before you can improve your home’s ability to withstand a hurricane, you need to know how hurricane resistant it is today. The inspection will be conducted by a
qualified wind inspector trained in wind-resistant building techniques.
Following the inspection, a detailed report will be provided to you that will:
  1. explain and prioritize what improvements can be made to strengthen your home against hurricanes,
  2. provide cost estimates for making each of the recommended improvements,'
  3. rate how hurricane resistant your home is today, and how resistant it will be after improvements are made,
  4. explain what insurance discounts are available to you if improvements are made and how to get them, if you provided your insurance information.

Reason 2: A financial incentive. For qualified homeowners, the state will offer a matching grant of up to $5,000 to help pay for the cost of the hurricane-resistance improvements recommended in your inspection report.

Reason 3: A discount on insurance premiums. Homes that are strengthened with hurricane-resistant improvements are less likely to suffer serious damage in a hurricane. Homeowners who invest in strengthening their homes will be entitled to a range of discounts on their homeowners insurance premium, depending on what and how many of the recommended improvements are made. The discounts you may be eligible to receive will be outlined in your free wind inspection report. Logon to www.mysafefloridahome.com for more information.



 

 

 

STATE FIRE MARSHAL SINK OFFERS COLD WEATHER FIRE SAFETY INFORMATION

This week’s cold weather front has many Floridians turning up the heat in their homes. In order to help keep Floridians safe this winter, CFO and State Fire Marshal Alex Sink is offering the following information in the hopes it helps educate you and your family on fire safety.

Fire Safety Statistics

  • Forty percent of house fires start in the kitchen, over 22 percent are caused by faulty wiring, followed by careless smoking, children playing with matches or lighters, and unattended heating devices.

  • More than two-thirds of Florida's fire fatalities are age 40 and over, followed by those age 70 and over.

  • Smoke detectors are not present or are inoperative in over 52 percent of these homes.

Don't let your family or home become part of these statistics. Make time for you and your family to study the fire safety tips below and put them into practice.

Fire Safety Tips

  • Plan escape routes from every room and floor to an outdoor meeting place. Be sure everyone in the family knows and practices them. If there is only one exit from the upper floor have slides or rope ladder available and practice proper use.

  • Install smoke detectors on every floor and in hallways leading to bedrooms.

  • Change smoke alarm batteries semi-annually, easily remembered if done when changing the clocks for daylight savings time in the spring and fall months. Test alarms regularly.

  • Keep an approved fire extinguisher in the kitchen, boat and car. Be sure family members know how to use them.

  • Do not use frayed extension cords and do not place extension cords under a rug or near a heat source. Do not overload electrical outlets or extension cords.

  • Practice STOP, DROP AND ROLL with your children.

 

 LIFE INSURANCE PLANNING
Securing Your Family's Financial Future in Case of Unexpected Death

Would your family suffer financially were you to die unexpectedly? According to research conducted for the National Association of Insurance Commissioners (NAIC), less than half of young families have life insurance for either spouse that they have purchased on their own. Because planning for life’s uncertainties will help secure a financial future for those you love, the NAIC suggests you review your insurance needs to help ensure you have the right policy for your financial situation and your family composition.

Decide How Much You Need

The first step to purchasing life insurance is to decide how much coverage you need, for how long and what you can afford to pay.

Keep in mind the major reason you buy life insurance is to cover the financial effects of an unexpected or untimely death. Life insurance also can be one of many ways to plan for the future. CONTINUED
 

 

 

 CHOOSING THE RIGHT HEALTH INSURANCE COVERAGE TO PROTECT YOUR FAMILY

If you do not have medical insurance to help pay bills, a serious injury or illness can be financially devastating to you and your family. Even if you do have health insurance, too little or the wrong kind of coverage might still mean your family could suffer under the weight of medical bills.

Right now is the best time to review your family's health insurance needs, to ensure you have the most ideal coverage to protect your family's future.

Types of health insurance that are available:

Major Medical Plans

This type of policy is usually effective in covering serious illness or injury where costs are high. Hospital care, drugs and doctors’ visits are generally covered. These benefits can be delivered in several different ways: CONTINUED