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NC House panel unveils bid to fix beach insurance

 

Friday, Jun 26,2009, 12:44:37 PM   Click:

RALEIGH, N.C._North Carolina lawmakers are unveiling a proposal for who would pay claims for coastal damage after a bad hurricane season.

The House Insurance Committee on Thursday is considering an attempted compromise on the Beach Plan that's still unlikely to please property owners or insurance companies.

The legislation is trying to fix the state-created insurance agency for property in 18 coastal counties.

The Beach Plan was created in 1969 as the insurer of last resort. But it has ballooned as insurance companies raised rates in storm-prone coastal areas after Hurricane Andrew in 1993.

The Beach Plan now insures 170,000 properties valued at nearly $74 billion. But it has the resources to cover just a fraction of that.

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