Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 960 - HURRICANE DEDUCTIBLES
Section 031-960-1 - Purpose

The purpose of this Rule is to implement 24-A M.R.S. §3061. Section 3061 applies to insurance policies that provide coverage to owner-occupied properties used solely for residential purposes and having four or fewer apartments. This statute requires that the Superintendent adopt, as routine technical rules, procedures and standards for insurers that use hurricane deductibles. This Rule prescribes uniform policy standards for hurricane deductibles and the form of notice concerning those deductibles that insurers must give to named insureds.