§431P-10  Coverage available from thefund; deductible.  (a)  Policies issued by the fund shall provide a maximumaggregate coverage of up to $750,000 per risk on real property of one to fourunits used for residential purposes and $500,000 per risk for real propertyused for business, commercial, or industrial purposes and shall provide for amandatory deductible.  The deductible amount for residential property policiesshall be the greater of $1,000 or one per cent of the insured value or thegreater of $2,000 or two per cent of the insured value; provided that the boardmay establish higher deductible limits.  The deductible amount for commercialproperty policies shall be the greater of $5,000 or five per cent of theinsured value or an amount equivalent to all the other perils deductible of thecompanion policy; provided that the board may establish higher deductiblelimits.

(b)  Upon the authorization of thecommissioner, insurers may provide standard extended coverage endorsements forresidential property, including coverage of hurricane risks, subject to thefund's program for incentives and credits; provided that in the absence of suchauthorization, no other policy of residential property insurance or endorsementto a policy of residential property insurance on eligible residential propertylocated in this State shall be issued to provide insurance for damages orlosses caused by a covered event if such coverage is less than that offered bythe fund.  If standard extended coverage endorsements on commercial propertyare no longer being offered by the fund, any standard extended coverageendorsements on commercial property offered by an insurer shall qualify as acomparable coverage under section 431P-5(b)(8)(A).  Standard extended coverageendorsements on residential property which include coverage for hurricanelosses offered by an insurer shall qualify as a comparable coverage undersection 431P-5(b)(8)(A). [L 1993, c 339, pt of §2; am L Sp 1995, c 17, §5; am L2000, c 153, §1]