Establishes a mutual insurance program for high-rise residential condominiums in Hawaii to stabilize the insurance market.
The bill establishes the Hawaii condominium mutual insurance company to provide property and casualty insurance for high-rise residential condominiums and their unit owners. It aims to stabilize the insurance market by offering coverage at the lowest possible cost. The company will work with policyholders to develop and monitor building safety and management programs. It will also promote safety programs through accident analysis, risk identification, educational programs, and property inspections. The company will have access to policyholder records and properties for audits and evaluations.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.