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Last minute claims from 2005 bombard state hurricane fund

By James Call

http://stream.publicbroadcasting.net/production/mp3/wfsu/local-wfsu-969202.mp3

Tallahassee, FL – A panel chaired by Gov. Rick Scott has agreed to file an emergency rule giving the Florida Hurricane Catastrophe Fund more time to respond to an influx of claims from 2005 storms. James Call reports a flood of claims from 2005 prompted the request.

The Governor and cabinet waived a 60 day deadline for acting on claims from property insurance companies. The so called cat fund provides backup coverage when claims exceed a company's ability to pay. Ash Williams is the executive director of the state agency which oversees the cat fund. He said the large number of claims were fueled by a bad economy, permissive rules and:

"Thirdly we have the evolution of an entire industry dedicated to aggressively pursuing claims."

Williams said most of the claims were from Hurricane Wilma and a large number are for condominiums. So far, the storms from 2004 and 2005 have generated nearly $10 billion dollars in claims.