§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]