The Hawaiʻi Hurricane Relief Fund board will meet for the first time in 20 years to discuss strategies for stabilizing the hurricane insurance market.
This comes after Gov. Josh Green issued an emergency proclamation to steady the insurance market. Some condominium buildings have been unable to secure full coverage from one of the three companies operating in Hawaiʻi.
The proclamation would allow the state to loan up to $60 million in general funds to the Hawaiʻi Hurricane Relief Fund and the Hawaiʻi Property Insurance Association to issue insurance policies.
It would also allow the Relief Fund to begin issuing hurricane insurance again, which it has not done since the early 2000s.
The state Department of Commerce and Consumer Affairs did not have specifics as to how buildings could access the insurance policies through the Hurricane Relief Fund.
New members have been appointed to the Hurricane Relief Fund Board. Its first meeting is tentatively scheduled for next week.
