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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F.S. 635.011

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

Federal Deposit Insurance Corporation v. Verex Assurance, Inc.

3 F.3d 391, 1993 U.S. App. LEXIS 25043

Court of Appeals for the Eleventh Circuit | Filed: Oct 1, 1993 | Docket: 847513

Cited 49 times | Published

a form of casualty and surety insurance in section 635.011, Fla.Stat. (1991), and avers that the scope

Federal Deposit Insurance v. Verex Assurance, Inc.

3 F.3d 391

Court of Appeals for the Eleventh Circuit | Filed: Oct 1, 1993 | Docket: 64014573

Cited 2 times | Published

a form of casualty and surety insurance in section 635.011, Fla.Stat. (1991), and avers that the scope

Federal Deposit Insurance Corp. v. Verex Assurance, Inc.

645 So. 2d 427, 19 Fla. L. Weekly Supp. 593, 1994 Fla. LEXIS 1813

Supreme Court of Florida | Filed: Nov 17, 1994 | Docket: 64752230

Published

provisions of chapter 635. As noted by Verex, section 635.011, Florida Statutes (1981), defines mortgage

Home Guaranty Insurance v. Numerica Financial Services, Inc.

835 F.2d 1354

Court of Appeals for the Eleventh Circuit | Filed: Jan 19, 1988 | Docket: 66231311

Published

borrower defaults on mortgage loans. Fla.Stat. § 635.011 (1985). The borrower pays a premium to the mortgage