RULE 35.5E - MINE SUBSIDENCE (CO 23 83)
Applies
to: Premier - YES, Premier Plus - YES, Premier Select - YES,
Premier Condo - YES, Premier Renters - NO
Indiana statutes (Statute 27-7-9) requires that mine subsidence insurance be available to owners of property in our territories. Mine subsidence means the collapse of an underground coal mine, resulting in damage to a structure. The term does not include loss caused by earthquake, landslide, volcanic eruption or collapse of storm or sewer drains.
The amount of insurance on a structure is equal to Coverage A, however, the maximum amount of coverage may not exceed $500,000. A 2% deductible of the amount of insurance applies per occurrence, subject to a minimum of $250 and a maximum of $500. A separate premium must be paid for each structure to be insured.
Effective January 1, 2017 Indiana statutes requires Additional Living Expense Coverage caused by mine subsidence up to $15,000 be available. Additional Living Expense Coverage is for expenses reasonably and necessarily incurred by an insured who is temporarily displaced as a direct result of damage caused by mine subsidence to the covered structure in which the insured resides. The cost of the Additional Living Expense Coverage to be added to the policy is $5.
This coverage must be provided unless waived in writing. If Mine Subsidence Coverage and/or Additional Living Expense Coverage is not desired, a rejection form (#5927) must be signed by each named insured and attached to the application. The insured may rescind the waiver of coverage at any time by requesting Mine Subsidence Coverage and/or Additional Lving Expense Coverage in writing.
A "dwelling structure" means any dwelling, building or fixture permanently fixed to real property. The term does not include land, trees, crops or other plants.
A "non-dwelling structure" means a building that is not principally for residential purposes or houses more than 4 family units.
|
MINE
SUBSIDENCE PREMIUMS
|
|||
|
DWELLING
STRUCTURE
|
NON-DWELLING
STRUCTURE
|
||
|
AMOUNT
OF INSURANCE
ON STRUCTURE |
PREMIUM
|
AMOUNT
OF INSURANCE ON STRUCTURE
|
PREMIUM
|
| $0 to $25,000 |
$24.00
|
$0 to $25,000 |
$42.00
|
| $25,001 to $40,000 |
$30.00
|
$25,001 to $35,000 |
$48.00
|
| $40,001 to $60,000 |
$36.00
|
$35,001 to $45,000 |
$54.00
|
| $60,001 to $75,000 |
$42.00
|
$45,001 to $55,000 |
$60.00
|
| $75,001 to $100,000 |
$60.00
|
$55,001 to $65,000 |
$66.00
|
| $100,001 to $125,000 |
$80.00
|
$65,001 to $75,000 |
$72.00
|
| $125,001 to $150,000 |
$98.00
|
$75,001 to $85,000 |
$75.00
|
| $150,001 to $175,000 |
$114.00
|
$85,001 to $100,000 |
$90.00
|
| $175,001 to $200,000 |
$130.00
|
$100,001 to $125,000 |
$115.00
|
| $200,001 to $225,000 |
$146.00
|
$125,001 to $150,000 |
$138.00
|
| $225,001 to $250,000 |
$163.00
|
$150,001 to $175,000 |
$159.00
|
| $250,001 to $275,000 |
$179.00
|
$175,001 to $200,000 |
$179.00
|
| $275,001 to $300,000 |
$195.00
|
$200,001 to $225,000 |
$207.00
|
| $300,001 to $325,000 |
$211.00
|
$225,001 to $250,000 |
$230.00
|
| $325,001 to $350,000 |
$228.00
|
$250,001 to $275,000 |
$253.00
|
| $350,001 to $375,000 |
$244.00
|
$275,001 to $300,000 |
$276.00
|
| $375,001 to $400,000 |
$260.00
|
$300,001 to $325,000 |
$299.00
|
| $400,001 to $425,000 |
$276.00
|
$325,001 to $350,000 |
$322.00
|
| $425,001 to $450,000 |
$293.00
|
$350,001 to $375,000 |
$345.00
|
| $450,001 to $475,000 |
$309.00
|
$375,001 to $400,000 |
$368.00
|
| $475,001 to $500,000 |
$325.00
|
$400,001 to $425,000 |
$391.00
|
| $425,001 to $450,000 |
$414.00
|
||
| $450,001 to $475,000 |
$437.00
|
||
| $475,001 to $500,000 |
$460.00
|
||
The Declarations Certificate will reflect that Mine Subsidence Coverage has been purchased.
Endorsement CO 23 83 Mine Subsidence Coverage Endorsement - Indiana will be attached to the policy.
