§431P-10 Coverage available from the fund; deductible. (a) Policies issued by the fund shall provide a maximum aggregate coverage of up to $750,000 per risk on real property of one to four units used for residential purposes and $500,000 per risk for real property used for business, commercial, or industrial purposes and shall provide for a mandatory deductible. The deductible amount for residential property policies shall be the greater of $1,000 or one per cent of the insured value or the greater of $2,000 or two per cent of the insured value; provided that the board may establish higher deductible limits. The deductible amount for commercial property policies shall be the greater of $5,000 or five per cent of the insured value or an amount equivalent to all the other perils deductible of the companion policy; provided that the board may establish higher deductible limits.
(b) Upon the authorization of the commissioner, insurers may provide standard extended coverage endorsements for residential property, including coverage of hurricane risks, subject to the fund's program for incentives and credits; provided that in the absence of such authorization, no other policy of residential property insurance or endorsement to a policy of residential property insurance on eligible residential property located in this State shall be issued to provide insurance for damages or losses caused by a covered event if such coverage is less than that offered by the fund. If standard extended coverage endorsements on commercial property are no longer being offered by the fund, any standard extended coverage endorsements on commercial property offered by an insurer shall qualify as a comparable coverage under section 431P-5(b)(8)(A). Standard extended coverage endorsements on residential property which include coverage for hurricane losses offered by an insurer shall qualify as a comparable coverage under section 431P-5(b)(8)(A). [L 1993, c 339, pt of §2; am L Sp 1995, c 17, §5; am L 2000, c 153, §1]
Section: Previous 431p-4 431p-5 431p-5.5 431p-6 431p-7 431p-8 431p-9 431p-10 431p-11 431p-12 431p-13 431p-14 431p-15 431p-16 431p-16.5 NextLast modified: October 27, 2016