Terms Used In Hawaii Revised Statutes 431P-11

• 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. See Hawaii Revised Statutes 431P-1
• Covered event: means each hurricane that directly causes windstorm damage in the State. See Hawaii Revised Statutes 431P-1
• Eligible property: means :

  (1) Real property of one to four units used for residential purposes and which is in insurable condition, and which 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 which is in insurable condition, and which 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 on which the tangible personal property is located; and

  (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 on which the tangible personal property is located. See Hawaii Revised Statutes 431P-1

• Fund: means the Hawaii hurricane relief fund established by this chapter. See Hawaii Revised Statutes 431P-1
• 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. See Hawaii Revised Statutes 431P-1
• 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 § 431P-7. See Hawaii Revised Statutes 431P-1
• 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 in excess of the deductible and up to:

  (1) $750,000 per risk on real property of one to four units used for residential purposes and the personal property located therein or thereon and other structures at the insured location, subject to the limits defined by the plan of operation or any manual of rules and rates adopted under the plan of operation; and

  (2) $500,000 per risk on real and personal property used for business, commercial, or industrial purposes, subject to the limits defined by the plan of operation or any manual of rules and rates adopted under the plan of operation; provided that the board may designate an association of property owners or cooperative housing corporation to be a commercial risk;

  provided that this policy or endorsement shall not include coverage for business interruption and other similar coverages. See Hawaii Revised Statutes 431P-1

• Policy of property insurance: means a policy providing "property insurance" as defined in § 431:1-206. See Hawaii Revised Statutes 431P-1
• 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. See Hawaii Revised Statutes 431P-1
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.