Bill Summary for S 332 (2023-2024)
|View NCGA Bill Details||2023-2024 Session|
AN ACT TO MODIFY BEACH PLAN POLICY LIMITS.Intro. by Johnson, Lazzara, Hanig.
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Amends GS 58-45-41 (pertaining to coverage limits for beach plan policies) as follows. Effective June 1, 2023, and applicable to contracts issued, amended, or renewed on or after June 1, 2023 until May 31, 2024, the maximum insurance coverage for the reasonable value of the building on a habitational property increases from $750,000 to $1 million. For commercial properties, the value increases from $3 million to $5 million on any freestanding structure or any building unit within multiple firewall divisions, with the aggregate limit on commercial structures with multiple firewall divisions increasing from $6 million to $10 million on all interest at one risk.
Starting on June 1, 2024, the monetary limits on habitational property and commercial property are removed from GS 58-45-41. Instead, the maximum insurance coverage for both types of properties will be set at a figure recommended by the North Carolina Insurance Underwriting Association and approved by the Insurance Commissioner. The aggregate limit of $10 million for commercial properties on any building unit within multiple firewall divisions remains. Applies to contracts issued, amended or renewed on or after June 1, 2024.