Reso 2006-888 - Laserfiche WebLink

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1 RESOLUTION NO. 05-102 2 3 A RESOLUTION OF TIlE MAYOR AND VILLAGE COUNCIL OF THE 4 VILLAGE OF P ALMETIO BAY, FLORIDA, RELATING TO LOBBYING 5 THE FLORIDA LEGISLATURE TO AMEND THE FWUA LEGIS LA TION TO 6 AMEND TIlE ARBITRARY WINDSTORM "LINE" OF EAST OF U.S. 7 HIGHWAY 1 AND EAST OF 1-95 SO AS TO F AIRL Y DISTRIBUTE RISK 8 THROUGHOUT THE STATE; AND SEEKING SUPPORT FROM ALL 9 NEIGHBORING COMMUNITIES WITH lHIS INITIATIVE; PROVIDING AN 10 EFFECTIVE DATE. 11 12 WHEREAS, The Florida Legislature in November 1993 created the Florida Hurricane 13 Catastrophe Fund, under section 215.555,. Florida Statutes, and also enacted the FWUA is an 14 association of private insurers, under section 627.351(2), Florida Statutes, to provide hurricane 15 and windstorm insurance to Florida residents who could not obtain an offer for coverage from 16 another insurer; and 17 18 WHEREAS, the FWUA (Citizens Insurance) is the only available source of hurricane 19 and windstorm insurance for thousands of residential property owners in Florida, for all residents 20 East of US I and 1-95, and provides windstorm insurance coverage for all properties east of this 21 line, including the residents of the Village of Palmetto Bay, who are not able to obtain an offer of 22 coverage in the voluntary market; and 23 24 WHEREAS, there have been 27 tropical events during the 2005 hurricane season, 25 including, but not limited to Hurricanes Katrina, Rita and Wilma; and, 26 27 WHEREAS, weather experts predict that the future hurricane cycle for the upcoming 20 28 years shall consist of higher strength and more frequent hurricane and tropic storm activities, as 29 compared to the past 20-30 year cycle; and, 30 31 WHEREAS, based upon the foregoing, the insurance industry shall be increasing 32 windstorm premiums for all Florida residents, and many insurance companies may be leaving the 33 market; and, 34 35 WHEREAS, the FWUA arbitrary "windstorm insurance coverage line" requires a higher 36 insurance premium, through Citizens Property Insurance, for all those properties east of the 37 artificial line; and, 38 39 WHEREAS, continued existence of this arbitrary imaginary line, with no basis in 40 science, which was created as a political compromise by the Florida Legislature and Florida 41 Insurance Commissioner as part of the FWUA, shall inordinately burden those property owners 42 east of the line, despite the fact that hurricanes affect all of Florida; and, 43 Page I of3