2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 59 - Virgin Islands Windstorm and Earthquake Insurance Authority
§ 1505. Policy limitations and guarantees

Universal Citation: V.I. Code tit. 22, § 1505 (2019)
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  • (a) No claim under a windstorm and earthquake property insurance policy issued by or on behalf of the Authority may exceed $400,000 increasing annually by an inflation index approved by the Board.

  • (b) Every policy issued by or on behalf of the Authority shall have a minimum deductible of $2,000 or two percent of the sum insured of the claim, whichever is greater.

  • (c) A policy issued by or on behalf of the Authority shall insure not less than 80% of the actual cash value of the eligible property or the limits available from the Authority, whichever is less, excluding the value of the land.

  • (d) Nothing in this chapter, or in any other provision of law, shall be construed to prohibit any insurer from providing coverage for property damage caused by windstorm or earthquake for any property in the Virgin Islands, which coverage may be apart from, or in addition to, the windstorm and earthquake property insurance issued by the Authority.

  • (e) Nothing in this chapter, or in any other provision of law, shall be construed as requiring any person or entity to purchase windstorm and earthquake property insurance from the Authority.

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