Section 59A-27.009 - Financial Responsibility Coverage AmountsProof of financial responsibility must be demonstrated through one of the following methods in the following coverage amounts:
(1) Establishing and maintaining an escrow account consisting of cash or assets eligible for deposit in accordance with Section 625.52, F.S. The cash or assets deposited shall be in an amount not less than $1,000,000 per claim, with a minimum aggregate deposit of not less than $3,000,000.(2) Obtaining and maintaining an unexpired irrevocable letter of credit established pursuant to Chapter 675, F.S., in an amount not less than $1,000,000 per claim, with a minimum aggregate amount of credit of not less than $3,000,000. Such letters of credit shall be issued by any bank or savings association organized and existing under the laws of this state or any bank or savings association organized under the laws of the United States that has its principal place of business in this state or has a branch office which is authorized under the laws of this state or of the United States to receive deposits in this state.(3) Obtaining and maintaining professional liability coverage in an amount not less than $1,000,000 per claim, with a minimum annual aggregate of not less than $3,000,000 from one of the following:(a) An authorized insurer as defined under Section 624.09, F.S.;(b) An eligible surplus lines insurer as defined under Section 626.918(2), F.S.;(c) A risk retention group or purchasing group as defined under Section 627.942, F.S.; or(d) A plan of self-insurance as provided in Section 627.357, F.S.Fla. Admin. Code Ann. R. 59A-27.009
Rulemaking Authority 400.980 FS. Law Implemented 400.980 FS.
New 8-12-91, Formerly 7G-1.025, 61E 6-1.025, 64B 22-1.009, Amended 6-27-02.New 8-12-91, Formerly 7G-1.025, 61E6-1.025, 64B22-1.009, Amended 6-27-02.