Florida Statute 635.011 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVII
INSURANCE

Chapter 635
MORTGAGE GUARANTY INSURANCE

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635.011 Definitions.—As used in this chapter, the term:

(1) “Mortgage guaranty insurance” means a form of casualty insurance insuring lenders against:

(a) Financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note, bond, or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a lien or charge on real estate which contains a residential building or a building designed to be occupied for industrial or commercial purposes.

(b) Financial loss by reason of nonpayment of rent and other sums agreed to be paid under the terms of a written lease for the possession, use, or occupancy of real estate, provided such real estate is designed to be occupied for industrial or commercial purposes.

(2) “Contingency reserve” means a special premium reserve which is in addition to other premium reserves required by law and which is established for the protection of policyholders against the effect of adverse economic cycles.

History.—s. 1, ch. 59-182; ss. 13, 35, ch. 69-106; s. 1, ch. 71-151; s. 269, ch. 71-377; s. 2, ch. 81-318; ss. 1, 11, 12, ch. 83-281; ss. 1, 5, ch. 93-21; s. 1517, ch. 2003-261.

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Amendments to 635.011

Annotations, Discussions, Cases:

Cases Citing Statute 635.011

Total Results: 4 | Sort by: Relevance | Newest First

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Fed. Deposit Ins. Corp. v. Verex Assurance, Inc., 3 F.3d 391 (11th Cir. 1993).

Cited 49 times | Published | Court of Appeals for the Eleventh Circuit | 1993 U.S. App. LEXIS 25043

...627.409 applied to mortgage guaranty insurance. Verex identifies several relevant provisions of the Florida Statutes to bolster its assertion. First, Verex notes that mortgage guaranty insurance is defined as a form of casualty and surety insurance in section 635.011, Fla.Stat....

...635, it only intended to impose "additional limitations on companies writing mortgage guaranty insurance in addition to the provisions of the Insurance Code, generally applicable to casualty and surety insurers." House Analysis at p. 2. Because Sec. 635.011 defines mortgage guaranty insurance as a form of casualty and surety insurance, Verex argues that mortgage guaranty insurance is subject to the requirements of more than just Chapter 635....

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Fed. Deposit Ins. v. Verex Assurance, Inc., 3 F.3d 391 (11th Cir. 1993).

Cited 2 times | Published | Court of Appeals for the Eleventh Circuit

....409 applied to mortgage guaranty insurance. Verex identifies several relevant provisions of the Florida Statutes to bolster its assertion. First, Ve-rex notes that mortgage guaranty insurance is defined as a form of casualty and surety insurance in section 635.011, Fla.Stat....

...635, it only intended to impose “additional limitations on companies writing mortgage guaranty insurance in addition to the provisions of the Insurance Code, generally applicable to casualty and surety insurers.” House Analysis at p. 2. Because § 635.011 defines mortgage guaranty insurance as a form of casualty and surety insurance, Verex argues that mortgage guaranty insurance is subject to the requirements of more than just Chapter 635....

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Fed. Deposit Ins. Corp. v. Verex Assurance, Inc., 645 So. 2d 427 (Fla. 1994).

Published | Supreme Court of Florida | 19 Fla. L. Weekly Supp. 593, 1994 Fla. LEXIS 1813

...d Verex’s position the more reasonable. We cannot say that at the time these certificates of insurance were issued the legislature intended mortgage guaranty insurance to be governed exclusively by the provisions of chapter 635. As noted by Verex, section 635.011, Florida Statutes (1981), defines mortgage guaranty insurance as a form of casualty or surety insurance....

...7.409 applied to mortgage guaranty insurance. Verex identifies several relevant provisions of the Florida Statutes.to bolster its assertion. First, Verex notes that mortgage guaranty insurance is defined as a form of casualty and surety insurance in section 635.011, Fla.Stat....

...er 635, it only intended to impose "additional limitations on companies writing mortgage guaranty insurance in addition to the provisions of the Insurance Code, generally applicable to casualty and surety insurers.” House Analysis at p. 2. Because § 635.011 defines mortgage guaranty insurance as a form of casualty and surety insurance, Verex argues that mortgage guaranty insurance is subject to the requirements of more than just Chapter 635....

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Home Guar. Ins. v. Numerica Fin. Servs., Inc., 835 F.2d 1354 (11th Cir. 1988).

Published | Court of Appeals for the Eleventh Circuit

...and, accordingly, affirm the district court’s ruling. BACKGROUND Mortgage guaranty insurance is “a form of casualty or surety insurance” that protects lenders against losses they may incur due to borrower defaults on mortgage loans. Fla.Stat. § 635.011 (1985)....

...To the extent that Section 627.409 may have applied to mortgage guaranty insurance, then, we find that it has been repealed by Section 635.091. 3. Policy Finally, HGIC declares that a ruling that Section 627.409 does not apply to mortgage guaranty insurance conflicts with established policy. It points to Fla.Stat. § 635.011(1) (1985), which defines mortgage guaranty insurance as “a form of casualty or surety insurance,” and suggests that this exhibits a legislative intent to treat mortgage guaranty insurance the same as it treats casualty and surety insurance....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.