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1997 SESSION

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HB 1956 Property and casualty insurance; windstorm coverage.

Introduced by: George H. Heilig, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Property and casualty insurance; Virginia Property Insurance Association; windstorm coverage. Authorizes the issuance of windstorm as well as windstorm and hail insurance policies by the Virginia Property Insurance Association (also known as the FAIR Plan). The FAIR Plan provides a residual market for basic property insurance. A coordinate provision in the bill authorizes property insurers underwriting in the voluntary market of Virginia's coastal areas to exclude (in new policies only and not renewals) coverage on owner-occupied dwellings for losses resulting from windstorm or windstorm and hail. The Virginia coastal area is defined as that part of the Commonwealth lying east of 76 degrees, 30 minutes west longitude. The exclusion is authorized on the condition that insurers desiring to do so (i) issue premium credits for such exclusions and (ii) furnish written disclosures to insureds describing the exclusions and informing insureds that coverage for windstorm or windstorm and hail can be obtained through the Virginia Property Insurance Association.


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