OIR Issues Information Memorandum on Isaac Deductibles
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-12-05M relating to the deductbiles to be applied under Isaac losses. Isaac was a tropical storm through the update on Tuesday, August 28, 2012, when it was declared to be a hurricane. The OIR advises that its declaration as a hurricane triggers the hurricane deductible under residential insurance policies, and losses arising prior to that time should be adjusted using the “all other perils” deductible.