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



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



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