HI| Memorandum 2025-2A, from the Hawaiʻi Insurance Division, announces that the Hawaiʻi Hurricane Relief Fund (HHRF) will begin accepting applications on June 24, 2025, to offer commercial hurricane property insurance to Condominium and Townhouse Associations of Apartment Owners (AOAOs) who are unable to obtain adequate coverage due to the property insurance market crisis. The program, reactivated by Governor Josh Green under an emergency proclamation, provides excess hurricane coverage for buildings valued over $10 million, but only after AOAOs have been denied coverage by at least two licensed insurers. Applications must be submitted through licensed producers to designated servicing insurers, with special expedited and backdating processes available for AOAOs needing immediate coverage.
Main points:
- The HHRF offers excess hurricane insurance above $10 million in value for AOAOs that have been denied coverage by at least two insurers, using a streamlined application process due to market instability.
- Applications must go through licensed insurance producers to specified servicing facilities (HEMIC Insurance Managers, Inc. and Zephyr Insurance Company, Inc.), with a temporary waiver for the 30-day prior submission requirement.
- Coverage can be backdated to June 1, 2025, for AOAOs without prior hurricane claims, and further information and forms are available on the Hawaiʻi Insurance Division website.