§ 5403 — Procedures

§ 5403. Procedures. (a) Any person having an insurable interest in\ninsurable property, who has made a diligent effort in the normal\ninsurance market to procure fire insurance, extended coverage and\ncoverage for additional perils and broad form coverage pursuant to\nsubsection (g) of section five thousand four hundred two of this article\nand homeowners insurance upon a determination of necessity having been\nmade by the superintendent pursuant to section five thousand four\nhundred twelve of this article from an authorized insurer, is entitled\nto apply to the association for such coverage. Such application may be\nmade on behalf of an applicant by a broker or agent authorized by him.\n (b) If the association determines that (i) the property is insurable\nin accordance with the plan and (ii) there is no unpaid, uncontested\npremium due from the applicant for prior insurance on the property (as\nshown by the insured having failed to make written objection to charges\nwithin thirty days after billing), the association, upon receipt of the\npremium or portion prescribed in the plan, shall cause a policy of fire\ninsurance or homeowners insurance upon a determination of necessity\nhaving been made by the superintendent pursuant to section five thousand\nfour hundred twelve of this article to be issued for a term of one year.\nThe fire insurance policy shall also include, upon application therefor,\nextended coverage, broad form coverage pursuant to subsection (g) of\nsection five thousand four hundred two of this article and coverage for\nadditional perils as may be requested.\n (c) Any member may cede fire insurance, extended coverage, broad form\ncoverage pursuant to subsection (g) of section five thousand four\nhundred two of this article and coverage for additional perils and\nhomeowners insurance upon a determination of necessity having been made\nby the superintendent pursuant to section five thousand four hundred\ntwelve of this article written on insurable property to the association\nas provided in the plan.\n (d) The association shall notify those policyholders whose insured\nproperties are located in areas served by a market assistance program\nestablished by the superintendent for the purpose of facilitating\nplacement of homeowners' insurance of the possibility of eligibility for\ncoverage through such program. Such notification shall include\ninformation on how to apply and such other information as required by\nthe superintendent.\n