Any member of the Association may cede to the Association essential property insurance written on insurable property, to the extent, if any, and on the terms and conditions set forth in the plan of operation. (1967, c. 1111, s. 1; 1969, c. 249.)

Terms Used In North Carolina General Statutes 58-45-40

  • Association: The North Carolina Insurance Underwriting Association established under this Article. See North Carolina General Statutes 58-45-5
  • Essential property insurance: Insurance against direct loss to property as defined in the standard statutory fire policy and extended coverage, vandalism and malicious mischief endorsements thereon, or their successor forms of coverage, as approved by the Commissioner. See North Carolina General Statutes 58-45-5
  • Insurable property: Real property at fixed locations in the beach and coastal area, including travel trailers when tied down at a fixed location, or the tangible personal property located therein, but shall not include insurance on motor vehicles. See North Carolina General Statutes 58-45-5
  • Plan of operation: The plan of operation of the Association approved or promulgated by the Commissioner under this Article. See North Carolina General Statutes 58-45-5
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
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