§ 304-44-030

304.44 -030 Separate premium for insurance against loss by subsidence -- Administrative regulation -- Reimbursement of living expenses of displaced owner. (1) (a) Every insurance policy issued or renewed insuring on a direct basis a structure located in a county or portion of a county in this state, except for counties exempted pursuant to KRS 304.44 -060, shall include, at a separately stated premium, insurance for loss occurring after July 15, 1984, caused by mine subsidence unless waived in wri ting by the insured. (b) The premium charged for coverage shall be the same as the premium level set by the administrator. (c) The loss coverage shall be the loss in excess of two percent (2%) of the policy's total insured value, but at no time shall the d eductible be less than two hundred fifty dollars ($250) nor more than five hundred dollars ($500). (d) The maximum total insured value reinsured by the administrator per structure shall be: 1. Except as provided in subparagraph 2. of this paragraph, five h undred thousand dollars ($500,000); or 2. Subject to approval by the commissioner and paragraph (e) of this subsection, an amount determined by the administrator.

ragraph 2. of this paragraph, five h undred thousand dollars ($500,000); or 2. Subject to approval by the commissioner and paragraph (e) of this subsection, an amount determined by the administrator. (e) Any amount determined under paragraph (d)2. of this subsection shall: 1. Be based on: a. The solvency of the fund; b. Premiums; and c. Deductibles; and 2. Except as provided in paragraph (f) of this subsection, take effect no sooner than nine (9) months after insurers are notified of the amount. (f) An insurer may provide coverage in an amo unt determined by the administrator under this subsection at any time after receiving notification of the amount. (g) The commissioner shall promulgate an administrative regulation in accordance with KRS Chapter 13A to establish a process for notifying insurers of the amount determined by the administrator under this subsection. (h) An insurer shall not be required to write a policy for mine subsidence coverage in excess of the amount reimbursable from the fund as authorized by this subtitle. (2) The covera ge provided pursuant to subsection (1) of this section shall also include coverage, up to fifty thousand dollars ($50,000), for the

rsable from the fund as authorized by this subtitle. (2) The covera ge provided pursuant to subsection (1) of this section shall also include coverage, up to fifty thousand dollars ($50,000), for the additional living expenses reasonably and necessarily incurred by the owner of a residence who has been temporarily displace d as the direct result of damage to the residence caused by mine subsidence. Effective: January 1, 2025 History: Amended 2024 Ky. Acts ch. 31, sec. 1, effective January 1, 2025. -- Amended 2010 Ky. Acts ch. 94, sec. 1, effective July 15, 2010. -- Amended 1 998 Ky. Acts ch. 483, sec. 31, effective July 15, 1998. -- Created 1984 Ky. Acts ch. 167, sec. 3, effective July 13, 1984. Legislative Research Commission Note (1/1/2025). 2024 Ky. Acts ch. 31, sec. 3, provides that amendments made to this statute in that Act shall apply to policies issued or renewed on or after January 1, 2025.