NU Online News Service, March 27, 4:03 p.m.EDT

The New York State home insurer of last resort said it willexpand offerings by offering coverage for a wide variety ofadditional perils it does not currently insure.

On April 1 the Property Insurance Underwriting Association(NYPIUA), New York's Fair Plan, said it will begin providing thenew protection for New York residents with NYPIUA-backedpolicies.

According to the Professional Insurance Agents of New York(PIANY), the Broad Form coverage would include coverage options fordamage by burglars; falling objects; weight of ice, snow or sleet;accidental discharge of water or steam; sudden tearing, cracking,burning or bulging; freezing; damage from artificially generatedelectrical current; and volcanic eruption.

Ellen Kiehl, senior research analyst at PIANY, said NYPIUA hastraditionally offered an Insurance Services Office Dwelling 1 BasicForm, which she described as a "bare bones" policy. That policyoffered coverage only against fire and lightning, windstorm andhail, explosions, and some other major perils.

NYPIUA will still offer the basic coverage, Ms. Kiehl noted, butinsureds will now have the option to pay for the additionalcoverages on the Broad Form.

The authority to write the broader coverages came out oflegislation passed last June that also made NYPIUA permanent, Ms.Kiehl said. NYPIUA then had to get the necessary approval from thestate insurance department to write the coverages.

Before the legislation that made NYPIUA permanent, the programhad to be re-authorized periodically by the legislature, resultingin some instances where coverage lapsed when the program was notrenewed before its expiration date.