H. B. 2375
(By Delegates Iaquinta and Caputo)
[Introduced January 11, 2012
; 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 increasing the amount of mine subsidence insurance 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 be added.