Appendix BFlorida Insurance Guaranty AssociationThe Florida Insurance Guaranty Association (FIGA) is a nonprofit corporation created by Chapter 631, Part II, Florida Statutes, in 1970 to provide a mechanism for the payment of covered property and casualty claims under certain insurance policies because of the insolvency of an insurer. In general, the maximum payout by FIGA is $300,000 per claimant less a $100 deductible. For damages to structure and contents on residential homeowners’ claims, an additional $200,000 in coverage is allowed. The cost of this protection is assessed to property and casualty insurance companies admitted to do business in Florida. FIGA is also entitled to file claims in the relevant receiverships for its administrative expenses and covered claims that it pays. FIGA’s membership is comprised of all Florida-licensed direct writers of property or casualty insurance. A board of directors for the association is mandated under Section 631.56, Florida Statutes, and may consist of not less than five or more than nine member insurers. Each board member serves a four-year term and may be reappointed. Contact information for FIGA is listed below. (800) 988-1450 Toll Free Post Office Box 14249 Website: www.figafacts.com Source: Florida Insurance Guaranty Association website, www.figafacts.com |