H. B. 2055
(By Delegates Iaquinta and Caputo)
[Introduced February 13, 2013; referred to the
Committee on Banking and Insurance then Finance.]
A BILL to amend and reenact §33-30-6 of the Code of West Virginia,
1931, as amended, relating to mine subsidence insurance;
increasing the maximum amount of the total insured value
reinsured by the Board of Risk Management.
Be it enacted by the Legislature of West Virginia:
That §33-30-6 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 30. MINE SUBSIDENCE INSURANCE.
§33-30-6. Mine subsidence coverage; waivers.
Beginning October 1, 1982, every insurance policy issued or
renewed insuring on a direct basis a structure located in this
state shall include, at a separately stated premium, insurance for
loss occurring on or after October 1,1982, caused by mine
subsidence unless waived by the insured.
Provided, That No waiver shall be required and such coverage shall only be provided if
requested by the insured in the following counties: Berkeley,
Cabell, Calhoun, Hampshire, Hardy, Jackson, Jefferson, Monroe,
Morgan, Pendleton, Pleasants, Ritchie, Roane, Wirt and Wood.
Provided, however That The effective date of a new policy or
endorsement containing mine subsidence insurance coverage shall be
on the thirtieth calendar day after the application date. The
premium charged for coverage shall be set by the board. The loss
coverage shall be the loss in excess of two percent of the policy's
total insured value, but at no time shall the deductible be less
than $250 nor more than $500; and total insured value reinsured by
the board shall not exceed seventy-five thousand dollars $125,000.
Provided further, That in no event shall The amount of mine
subsidence reinsurance shall not exceed the amount of the fire
insurance on the structure.
NOTE: The purpose of this bill is to increase the limit of
mine subsidence insurance reinsured by the Board of Risk Management
from $75,000 to $125,000.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would