Current through Register Vol. XLI, No. 42, October 18, 2024
Section 115-1-3 - Implementation of Insurance Coverage3.1. 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.