This bill amends the Code of West Virginia regarding mine subsidence insurance, specifically focusing on coverage limits and waivers. It establishes that all insurance policies issued or renewed for structures in West Virginia must include mine subsidence insurance coverage, effective from October 1, 1982, unless the insured opts to waive it. The bill specifies that waivers are not required in certain counties, and coverage can only be provided upon request in those areas. Additionally, it sets the effective date for new policies or endorsements containing mine subsidence insurance coverage to be thirty days after the application date.

Furthermore, the bill introduces specific limitations on deductibles and total insured values. It stipulates that deductibles must range between $250 and $500, and the total insured value reinsured by the board cannot exceed $200,000. It also clarifies that any recovery paid to the policyholder for a covered loss must first address property damages, and if other sources provide payment for a loss, the mine subsidence fund is only liable for the remaining amount up to the statutory limit of reinsurance. Overall, the bill aims to clarify the limitations on mine subsidence insurance recovery limits.

Statutes affected:
Introduced Version: 33-30-6