H. B. 2077
(By Delegates Iaquinta and Caputo)
[Introduced January 9, 2008; 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 the first day of October, one thousand nine hundred
eighty-two, 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
the first day of October, first one thousand nine hundred
eighty-two, 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 two hundred fifty dollars nor more than five hundred
dollars; and total insured value reinsured by the board shall not
exceed seventy-five one hundred twenty-five thousand dollars.
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.