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THE SENATE |
S.C.R. NO. |
16 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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SENATE CONCURRENT
RESOLUTION
requesting the hawaii property insurance association to expand coverage to commercial properties.
WHEREAS, adequate property insurance coverage protects both individuals and real or tangible property from a variety of unexpected events; and
WHEREAS, the Hawaii Property Insurance Association was established in 1991 by the Legislature to provide basic property insurance for persons unable to purchase coverage in the private market due to volcanic activity on Hawaii Island; and
WHEREAS, presently, the Hawaii Property Insurance Association offers four basic policies: dwelling, homeowner's, renter's, and unit-owner's policies with limits ranging from $50,000 to $450,000; and
WHEREAS, the Hawaii Property Insurance Association does not offer policies for commercial properties, limiting the available options for business owners and proprietors who cannot otherwise obtain coverage from the private market; and
WHEREAS, providing an additional option for commercial properties will ensure adequate levels of coverage in unforeseen events; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, the House of Representatives concurring, that the Hawaii Property Insurance Association is requested to expand coverage to commercial properties; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Insurance
Commissioner and Chairperson of the Board of Directors of the Hawaii Property Insurance Association.
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OFFERED BY: |
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Hawaii Property Insurance Association; Coverage; Commercial Properties; Expansion