West Virginia Code of State Rules › Agency 115 - Risk And Insurance Management › Title 115 - LEGISLATIVE RULES STATE BOARD OF RISK AND INSURANCE MANAGEMENT › Series 115-01 - Mine Subsidence Insurance › Section 115-1-3 - Implementation of Insurance Coverage

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Date coverage to be offered. --On and after the effective date of this rule,
				all insurance policies issued in the State of West Virginia by insurance
				companies subject to this rule which provide fire insurance on structures
				eligible for mine subsidence insurance shall include coverage for mine
				subsidence insurance unless such insurance is waived by the insured. The waiver
				shall conform to the requirements of Section 3.10 of this rule.
3.2. Amount of insurance. - Each policy
				issued pursuant to this rule shall provide up to two hundred thousand dollars
				($200,000) of mine subsidence insurance in an amount not to exceed the amount
				of fire insurance on the structure.
3.3. Premium rate. --The premium rate
				schedule established by the Board is attached hereto as Appendix C. For the
				purpose of selecting rates a non-dwelling structure is defined as a building
				not used principally for residential purposes or which houses more than four
				(4) family units.
3.4. Coverage
				form. - Each policy issued pursuant to this rule shall include only those
				coverage forms for mine subsidence insurance which have been approved by both
				the Board and the Insurance Commissioner of West Virginia [coverage Form WVMS-1
				( most current edition) Coal Mine Subsidence Coverage Part (Dwelling Structure)
				or coverage Form WVMS-2 (most current edition), Coal Mine Subsidence Coverage
				Part (Non-Dwelling Structure)]. Refer to Appendix A and B respectively, for
				coverage part wording. These forms may be reproduced under the name of the
				issuing insurance company.
3.5.
				Structures eligible for mine subsidence insurance. --Both dwelling structures
				and non-dwelling structures are eligible for mine subsidence
				insurance.
3.6. Exemption of
				certain mobile home forms. --Insurance companies whose mobile home policy forms
				currently provide subsidence insurance are exempt from the provisions of this
				rule: Provided, however, that this exemption applies only to mobile home policy
				forms.
3.7. Loss deductible. - The
				sum of two hundred fifty dollars ($250) shall be deducted from each loss caused
				by mine subsidence.
3.8. Ceding
				commission. --A ceding commission of thirty percent (30%) of the gross premium
				shall be assessed.
3.9. Reinsurance
				agreement. --Each insurance company subject to this rule shall enter into a
				reinsurance agreement with the Board. Refer to Appendix F for the wording of
				the Reinsurance Agreement.
3.10.
				Waivers. - All insurance policies subject to this rule, written after February
				28, 1983, shall include mine subsidence insurance UNLESS waived in writing by
				the policy holder. Insurance Companies shall retain a copy of each signed
				waiver for a period of five years from the date of the waiver. The Board
				recommends the following waiver clause be used:
WAIVER OF INSURANCE
I (we) do not desire Coal Mine Subsidence Insurance coverage
				  and hereby waive any right to such coverage, under this policy or any future
				  policy concerning my (our) interest in the property described in the policy (in
				  the application), unless I (we) request Coal Mine Subsidence Insurance
				  coverage, in writing, at some future date.
Signature of Named Insured(s)
Policy Number (If Renewal)
Date Signed
3.11. Exclusion. --Insurance companies
				holding a signed waiver under the date of the previous rule, April 1, 2007,
				will not be required to obtain a new waiver, and waivers shall not be required
				on property located in the following fifteen (15) counties:
Berkeley, Cabell, Calhoun, Hampshire, Hardy, Jackson,
				  Jefferson, Monroe, Morgan, Pendleton, Pleasants, Ritchie, Roane, Wirt or
				  Wood.
3.12. Waiting period.
				- Mine subsidence insurance becomes effective no earlier than thirty (30)
				calendar days after the application date.