HomeMy Public PortalAboutRES 94/02RESOLUTION NO. 94 -2
A RESOLUTION ADOPTED BY THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, FLORIDA, URGING THOMAS GALLAGHER,
TREASURER AND INSURANCE COMMISSIONER OF THE STATE OF
FLORIDA, TO REVIEW THE JOINT UNDERWRITING ASSOCIATION
(J.U.A.) PROPERTY INSURANCE PROVISIONS THAT ESTABLISHED
A MEANS FOR RESIDENTIAL PROPERTY OWNERS TO SECURE
PROPERTY INSURANCE COVERAGE WHEN OTHER INSURANCE MARKETS
OR CARRIERS REFUSE COVERAGE; TO BE AWARE THAT J.U.A.
DOES NOT PROVIDE COVERAGE FOR COMMERCIAL OR BUILDING
CONDOMINIUMS, THEREBY, CREATING ADDITIONAL HARDSHIPS
FOR COMMERCIAL AND RESIDENTIAL PROPERTY OWNERS TO
SECURE COVERAGE FOR THEIR PROPERTY DURING THE INSURANCE
CRISIS IN THE STATE OF FLORIDA.
WHEREAS, As a result of the astronomical property damage
and insurance claims caused by Hurricane Andrew in August of
1992, residential and commercial property owners are now finding
it impossible to obtain insurance coverage for their commercial
and residential property; and
WHEREAS, during the past year, the insurance industry has
been faced with a major crisis in providing insurance coverage
for commercial and residential property;
WHEREAS, as a result of this crisis, the Joint Underwriting
Association (J.U.A.) was established to provide a means for
commercial and residential property owners to secure property
insurance coverage when other carriers refused to provide
inadequate or no coverage; and
WHEREAS, many commercial and condominium associations have
been faced with non - renewal or cancellation of property insurance
coverage and have made application for coverage through the Joint
Underwriting Association (J.U.A.) only to be denied coverage; and
WHEREAS, after making application for coverage and finding
there are no provisions for property insurance coverage through
the Joint Underwriting Association, commercial entities and
condominium associations now find themselves without very im-
portant property insurance coverage which has created a tremendous
problem for these associations and their homeowners.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, FLORIDA, THAT:
Section 1. The Town Commission of Gulf Stream, Florida, urges
Thomas Gallagher, Treasurer and Insurance Commissioner of the
State of Florida, to review the provisions of the Joint Under-
writing Association and assure that property insurance coverage
will be made available for all commercial entities and condominium
associations in the State of Florida as expediently as possible.
Section 2. The Town Commission of Gulf Stream, Florida
urges Thomas Gallagher, Treasurer and Insurance Commissioner of
the State of Florida, to review the cost of the insurance
premiums, as well, to assure that property insurance coverage
does not become unaffordable for commercial entities and con-
dominium associations.
RESOLUTION NO. 94 -2
Section 3. The Town Commission of Gulf Stream, Florida,
urges Thomas Gallagher, Treasurer and Insurance Commissioner, to
diligently seek resolutions to the insurance crisis in the State
of Florida.
Section 4. The Town Clerk is directed to send copies of
this resolution to Thomas Gallagher, Treasurer and Insurance
Commissioner and the Palm Beach County Legislative Delegation
and all municipalities within Palm Beach County.
RESOLVED AND ADOPTED This 11th
Mayor Koch
(SEAL)
ATTEST:
I)t - � Z' z- J- 2 -=W�
Town Clerk
6
day of February 1994.
Commissioner
Commissioner
Commissioner
th
C issioner