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Statement from CFO Gallagher on Citizens Board of Governors’ Decision to Extend Builders Risk Coverage

7/21/2006

CONTACT: Nina Banister or Jeff Takacs
(850) 413-2842 
 
TALLAHASSEE—Tom Gallagher, Florida's chief financial officer, said he was pleased with today's unanimous decision by the Board of Governors for Citizens Property Insurance Corporation to continue writing builders risk coverage through December 31, 2006.  The decision was made this morning in an emergency meeting of the board of governors, which was called by Chairman Bruce Douglas.
 
"The action taken today by Citizens will protect millions of dollars of investments throughout Florida," said Gallagher, who oversees the Department of Financial Services.  "By allowing builders to obtain this insurance coverage, it will allow workers to stay on the job, and our economy can continue to grow."
 
Gallagher sent a letter to Douglas on July 14 asking that Citizens revisit their previous decision to stop writing builders risk, which triggered this morning's emergency board meeting.  In that letter, Gallagher stated that "by removing this coverage, many projects would be jeopardized and the impact to local communities and businesses could be devastating."