HomeMy Public PortalAboutRES 98/08RESOLUTION NO. 98 -8
A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF
GULF STREAM, FLORIDA, SUPPORTING THE PASSAGE OF
"HOMEOWNERS'PROTECTION ACT ", WHICH WILL HELP
RELIEVE THE PREMIUM INCREASE AND FURTHER STABLIZE
THE INSURANCE MARKET; PROVIDING FOR DISTRIBUTION
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, In August 1992, Hurricane Andrew viciously hit South Florida
and became the costliest catastrophe in the history of the United States,
causing $30 billion in property damage, including $16 billion of insured
losses; and
WHEREAS, an estimated 80,000 single- family homes, mobile homes and
apartments or condominium units were severely damaged or destroyed,
and at least 180,000 people were left homeless; and
WHEREAS, many residents subsequently lost the private- market
insurance coverage they will need to fully protect their homes and
personal belongings in the event of another storm; and
WHEREAS, six yearslater, many homeowners throughout Florida still do
not have access to affordable, private insurance coverage, despite the
many measures enacted by the state since Andrew to help reduce the
industry's exposure to bankrupting losses, including creation of the
Florida Hurricane catastrophe Fund; and
WHEREAS, this continuing lack of competition in the insurance market-
place of certain parts of the state is wreaking economic havoc on many
of our communities; and
WHEREAS, the insurance industry, under cloak of Andrew, still is
pushing for higher and higher premiums.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF
GULF STREAM, FLORIDA, as follows:
Section I. The Town Commission of the Town of Gulf Stream, Florida
supports the swift passage of "Iomeowners' Protection Act ", which will
help relieve the premium increase and further stabilize the insurance
market.
Section II. The Town Clerk is hereby authorized and directed to
distribute this Resolution to Bill Nelson, Florida Department of Insurance,
the Palm Beach County Municipal _League, Inc., Palm Beach County
Municipalities, and the Florida Leaque of Cities.
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PASSED ND ADOPTED THIS 11th DAY OF AUGUST, 1998.
(SEAL)
ATTEST:
Town Clerk
ommissioner
Commissioner