South Carolina has again expanded the territory covered by the state’s wind pool to the intracoastal waterway and additonal areas within Charleston, Georgetown and Horry counties.
“This expansion supplements the initial expansion and is limited. It is intended to help improve availability by providing access to insurance coverage to those South Carolinians that have had difficulty in locating coverage,” said state Insurance Director Scott H. Richardson upon signing the order regarding the South Carolina Wind and Hail Underwriting Association.
The order is effective June 1, 2007 and will continue in effect until March 29, 2009.
“It is our hope that the territory outlined in this order will stand the test of time, therefore requiring no future expansions,” Richardson added.
According to Richardson, the expansion is not intended to compete with the admitted market. The wind pool must submit to the department a tiered rating plan that reflects the “relative risks of the properties located within the respective zones.”
For maps outlining the expansion visit www.doi.sc.gov or www.scwind.com.
Source: S.C. Insurance Department
Topics South Carolina
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