S.R. No. 8 Summary

• Hawaii Property Insurance Association was established in 1991 to provide basic property insurance for persons unable to obtain coverage in the private market due to volcanic activity on Hawaii Island.

• Currently offers four basic policies (dwelling, homeowner's, renter's, and unit-owner's) with coverage limits ranging from $50,000 to $450,000.

• Association does not currently offer policies for commercial properties, limiting options for business owners and proprietors unable to obtain private market coverage.

• Senate requests the Hawaii Property Insurance Association to expand coverage to include commercial properties to ensure adequate insurance options for businesses.

• Directs transmission of certified copies to the Insurance Commissioner and Chairperson of the Board of Directors of the Hawaii Property Insurance Association.