A legislative study committee did not come up with a plan for beach insurance.
Instead, after months of effort, the committee decided to let the General Assembly decide whether and how much homeowners should pay to help bail out the Beach Plan if a major hurricane strikes.
The state-created plan offers insurance to coastal homeowners.
The committee also punted on the issue of whether insurers should have a cap on the amount they can be assesed for damages that go beyond the plan's financial resources.
It is recommending legislation that would limit Beach Plan homeowners' insurance coverage to a maximum of $750,000, half the current level.
The goal is to limit the Beach Plan's potential liability if a devastating storm occurs, although the committee couldn't put a dollar figure on how much the plan's liability would be reduced. (N&O)
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