Section 627.70154 - Mandatory binding arbitrationSection 23, ch. 2023-172, provides that "[c]hapter 2022-271, Laws of Florida, shall not be construed to impair any right under an insurance contract in effect on or before the effective date of that chapter law. To the extent that chapter 2022-271, Laws of Florida, affects a right under an insurance contract, that chapter law applies to an insurance contract issued or renewed after the applicable effective date provided by the chapter law. This section is intended to clarify existing law and is remedial in nature."
A property insurance policy issued in this state may not require that a policyholder participate in mandatory binding arbitration unless all of the following apply:
(1) The mandatory binding arbitration requirements are contained in a separate endorsement attached to the property insurance policy.(2) The premium that a policyholder is charged for the policy includes an actuarially sound credit or premium discount for the mandatory binding arbitration endorsement.(3) The policyholder signs a form electing to accept mandatory binding arbitration. The form must notify the policyholder of the rights given up in exchange for the credit or premium discount, including, but not limited to, the right to a trial by jury.(4) The endorsement establishes that an insurer will comply with the mediation provisions set forth in s. 627.7015 before the initiation of arbitration.(5) The insurer also offers the policyholder a policy that does not require that the policyholder participate in mandatory binding arbitration.Added by 2022 Fla. Laws, ch. 271, s 18, eff. 12/16/2022.