The article “Fla. hurricane fund has $3.2 billion shortfall” (Oct. 18) should be a wakeup call for every business owner, homeowner, renter, charity, church and automobile policyholder throughout the state.
For years we have stressed how a “hurricane tax” has the potential to financially cripple Floridians, and the announcement the Cat Fund is confronting a potential $3.2 billion shortfall demonstrates how the current system continues to leave everyone vulnerable.
Florida’s property insurance game of Russian roulette needs to be stopped. If the state cannot meet its financial obligations, then it has no business selling protection.
As the Florida Legislature continues to meet in Tallahassee and prepare for the upcoming 2012 legislative session, I hope they strongly consider the proposals set forth by Jack Nicholson, the chief operating officer of the Cat Fund.
He has warned legislators in the past that he believes the fund is “dangerously overexposed,” but now more than ever we should take his advice and scale back the size of the fund in order to put the taxpayer-backed fund on sounder financial footing.
Jose L. Gonzalez, Vice President of Governmental Affairs, Associated Industries of Florida