What are the regulations for self insurance in Florida?

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Asked August 20, 2018

1 Answer


In Florida, self-insurance is an option for some individuals and companies who want to assume the financial risk of insuring themselves instead of buying insurance from a third-party provider. However, there are specific regulations that must be followed in order to self-insure.

  • Financial Responsibility: Self-insured individuals and companies must demonstrate that they have the financial resources to pay for any losses that may occur. This usually involves providing financial statements and proof of assets to the state.
  • Bond or Letter of Credit: In order to self-insure, individuals and companies must also provide a bond or letter of credit to the state. This serves as a guarantee that they will be able to cover any losses that occur.
  • Minimum Limits: There are minimum limits that must be met in order to self-insure. These limits are set by the state and vary depending on the type of self-insurance being considered.
  • Approval Process: Individuals and companies must apply for approval to self-insure. This involves submitting an application and supporting documentation to the state for review.
  • Annual Renewal: Self-insured individuals and companies must renew their self-insurance status annually. This involves submitting updated financial statements and other documentation to the state for review.
It's important to note that self-insurance is not available for all types of insurance. In Florida, self-insurance is typically only allowed for workers' compensation and automobile liability insurance. If you are considering self-insurance in Florida, it's important to consult with a licensed insurance professional and/or an attorney to ensure that you are complying with all state regulations and have a thorough understanding of the risks and benefits of self-insurance.

Answered August 21, 2018 by fl_pc

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