PART I.  GENERAL PROVISIONS

     §431P-1  Definitions.  As used in this chapter, unless the context otherwise requires:

     "Board" means the board of directors of the Hawaii hurricane relief fund.

     "Commissioner" means the insurance commissioner as defined in section 431:2-102.

     "Companion policy" means a policy of property insurance issued by a servicing facility in conjunction with a fund policy of hurricane property insurance that provides, at a minimum, coverage equivalent to a standard fire policy for the peril of fire and windstorm and, after considering all exclusions and endorsements, that provides insurance for wind related losses or damage created by a weather system that has not resulted in the declaration and definition of a hurricane watch or warning.

     "Condominium" means real property that:

     (1)  Has an association registered with the real estate commission in accordance with chapter 514B, part VI;

     (2)  Consists of units as defined in section 514B-3;

     (3)  Is used for residential purposes; and

     (4)  Is in insurable condition as determined by the board.

     "Covered event" means each hurricane that directly causes windstorm damage in the State.

     "Deductible" or "mandatory deductible" means the amount of loss assumed by the policyholder that is not included in the coverages provided by the fund.

     "Department" means the department of commerce and consumer affairs.

     "Director" means the director of finance.

     "Eligible property" means:

     (1)  Real property used for residential purposes and that is in insurable condition, and that may include tangible personal property located therein or thereon and other structures at the insured location, as provided in the plan of operation or any manual of rules and rates adopted under the plan of operation;

     (2)  Real property used for business, commercial, or industrial purposes that is in insurable condition, and that may include tangible personal property located therein or thereon, as provided in the plan of operation or any manual of rules and rates adopted under the plan of operation;

     (3)  Tangible personal property owned by an occupant of and located in or on real property of the types described in paragraph (1), as provided in the plan of operation or any manual of rules and rates adopted under the plan of operation; provided that the owner of the tangible personal property does not own the real property in or upon which the tangible personal property is located;

     (4)  Tangible personal property owned by an occupant of and located in or on real property of the types described in paragraph (2) as provided in the plan of operation or any manual of rules and rates adopted under the plan of operation; provided that the owner of the tangible personal property does not own the real property in or upon which the tangible personal property is located; and

     (5)  A condominium that may include tangible personal property located therein or thereon and other structures at the insured location, as provided in the plan of operation or any manual of rules and rates adopted under the plan of operation.

     "Fund" means the Hawaii hurricane relief fund established by this chapter.

     "High-rise condominium" means a condominium that has four or more stories that contain units that are or can be occupied by a person.

     "Hurricane" means a storm that has been declared and defined by the Central Pacific Hurricane Center of the National Weather Service to be a hurricane.

     "Licensed property and casualty insurer" means any insurer licensed to transact any one or more classes of insurance authorized in section 431:3-204 where premiums written within the authority are required to be reported in the "Exhibit of Premiums and Losses" for this State in the National Association of Insurance Commissioners fire and casualty annual statement convention blank that is required to be filed with the commissioner under section 431:3-302.

     "Mortgage" means every transfer of an interest in real property, except fixtures, made as security for the performance of another act or subject to defeasance upon the payment of an obligation, whether the transfer is made in trust or otherwise.

     "Plan of operation" means the plan for providing hurricane property insurance as adopted by the board of directors of the Hawaii hurricane relief fund, and any amendments thereto, under section 431P-7.

     "Policy of hurricane property insurance" means a policy or endorsement of insurance issued by the fund insuring only against damage or loss to eligible property caused by a covered event, subject to the limits and deductibles allowed by the plan of operation or any manual of rules and rates adopted under the plan of operation.

     "Policy of property insurance" means a policy providing "property insurance" as defined in section 431:1-206.  For purposes of this chapter, it includes "basic property insurance" as provided under article 21 of chapter 431.

     "Property insurance" means policies, riders, or endorsements of insurance that provide indemnity, in whole or in part, for the loss, destruction, or damage of eligible property.

     "Servicing facility" means any insurer engaged in writing direct property insurance in this State and licensed in this State, and any other party authorized to act in like capacity on behalf of the fund.

     "Year immediately preceding the year of the covered event" means the twelve-month period ending on the last day of the calendar month immediately preceding the month in which a covered event occurs. [L 1993, c 339, pt of §2; am L Sp 1995, c 17, §1; am L 1998, c 106, §§1, 2; am L 2025, c 296, §9]