NC Lawmakers Aim To Shore Up Beach Insurance

Law360, New York (July 16, 2009, 3:16 PM EDT) -- North Carolina legislators are seeking to reform a state program designed to provide property insurance for high-risk coastal areas by increasing surcharges on owners, lowering the maximum coverage provided by the insurance pool and capping private insurers' liability at $1 billion.

The North Carolina House of Representatives on Wednesday passed a bill to increase the funds available for the North Carolina Insurance Underwriting Association – generally known as the Beach Plan – in the legislation’s third version by a vote of 93-23.

Under the terms of...
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