§ 58-31-15. Extended coverage insurance. - North Carolina Statutes

§58‑31‑15.  Extended coverage insurance.

Upon request of any Statedepartment, agency or institution, extended coverage insurance, and otherproperty insurance, may be provided on designated state‑owned property ofsuch department, agency or institution which is insured by the State PropertyFire Insurance Fund.  Premiums for such insurance coverage shall be paid byeach requesting department, agency or institution in accordance with ratesfixed by the Commissioner.  Losses covered by such insurance may be paid forout of the State Property Fire Insurance Fund in the same manner as firelosses.  The Commissioner, with the approval of the Governor and Council ofState, is authorized and empowered to purchase from insurers admitted to dobusiness in North Carolina such insurance or reinsurance as may be necessary toprotect the State Property Fire Insurance Fund against loss with respect tosuch insurance coverage.  The words "extended coverage insurance," asused in this section, mean insurance against loss or damage caused bywindstorm, hail, explosion, riot, riot attending a strike, civil commotion,aircraft, vehicles or smoke. (1957, c. 67; 1975, c. 519,s. 2; 1991, c. 720, s. 4.)