Section 26-A1315. STANDARD POLICY COVERAGE

 

1315.1All policies issued shall be for Basic Property Insurance or Homeowners Insurance on standard policy forms and shall be issued for a term of one (1) year. Policies may be continued on a year-to-year basis only upon the annual submission of a properly completed continuation application, receipt of the proper premium and approval by the Facility.

 

1315.2Deductibles, percentage participation clauses, and other underwriting devices may be employed to meet special problems of insurability, subject to approval of the Commissioner.

 

1315.3The Facility shall, subject to the provisions of the Plan of Operation, write insurance up to the reasonable insurable value of the property, subject to a maximum of one million five hundred thousand dollars ($1,500,000) on all interests at one location. The Board may set sub-limits on certain lines of insurance subject to approval of the Commissioner.

 

1315.4After the issuance of a policy, the following procedure shall be followed to effect any change by endorsement:

 

(a)The request for change must be in writing;

 

(b)The endorsement shall be prepared by the Facility;

 

(c)The request for endorsement shall be implemented by proper adjustment of premium;

 

(d)The endorsement shall be signed by the attorney-in-fact of the Facility; and

 

(e)The original of the endorsement shall be sent to the named insured or licensed producer.

 

source

Final Rulemaking published at 51 DCR 11573 (December 24, 2004).