§431P-11  Underlying policy required;hurricane coverage shall be provided.  (a)  Any eligible property for whichcoverage is sought from the fund shall already be insured by an underlyingpolicy of property insurance as defined in section 431:1-206 or article 21 ofchapter 431 but excluding the covered event.  Every underlying policy ofproperty insurance provided by an unauthorized insurer shall be subject to theprocedures, guidelines and surcharges as provided in the plan of operation.

(b)  The fund shall not deny any applicationfor hurricane property insurance on any property eligible under subsection (a).

(c)  The fund shall renew any policy providedpayment of the applicable renewal premium is received by the fund on or beforethe expiration date stated in the policy.  The fund may nonrenew a policy onthe grounds the property is no longer covered by a companion policy.  Thepolicy issued by the fund shall not provide coverage in the event that there isno companion policy at the time of loss.  In such case, any unearned premiumsshall be returned to the policyholder on a pro rata basis.  Limits of coverageunder a policy issued by the fund shall not exceed the limits of comparablecoverages for fire and windstorm under the companion policy.  The statute oflimitations for actions under a policy of hurricane property insurance shall beone year. [L 1993, c 339, pt of §2; am L 1998, c 106, §5]