Alabama Insurance Underwriting Association (Alabama Beach Pool)
Alabama Insurance Underwriting Association (Alabama Beach Pool) : "Alabama Insurance Underwriting Association (Alabama Beach Pool) is a voluntary unincorporated nonprofit association established to provide essential residential and commercial insurance coverage to the beach area counties of Baldwin and Mobile. Twelve percent of Alabamans live on the coast. Every licensed property insurer in the state is a member of the Alabama Beach Pool. The Beach Pool offers two types of policies: fire and extended coverage, and wind and hail. The Beach Pool offers coverage limits on residential buildings up to a maximum of $500,000, combined dwelling and contents. A hurricane deductible of 5 percent ($1,000 minimum) is applicable in the event of a named storm. Policies covering property located in certain areas may opt for a 2 percent hurricane deductible for an additional premium. The standard deductible for all other perils is $500. Buildings must conform to the Southern Standard Building Code?" (GAO, Natural Disasters, Public Policy Options?, Nov 2007, p. 69; see: also p. 70)
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