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Committee advances measure to raise condominium master-policy deductible to $25,000
Summary
A Senate committee voted to advance LC461447S to raise the statutory cap on condominium master-policy deductibles from $5,000 to $25,000, aiming to close a coverage gap that can prompt special assessments for unit owners.
A Senate Insurance and Labor Committee advanced a bill that would raise the statutory limit on condominium master-policy deductibles from $5,000 to $25,000, sponsors and industry witnesses said, to make coverage available in a market that increasingly requires higher deductibles.
The lawmaker presenting LC461447S told the committee the amendment replaces the prior $5,000 cap with a $25,000 cap and adds notification language. "We changed line 29 to to not exceed 5,000, changed that to 25,000," the lawmaker said, describing the change and a new notification provision that committee members had requested.
Why it matters: committee members and insurance professionals…
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