West Virginia HB5462 clarifies limitations on mine subsidence insurance coverage.

West Virginia HB5462 amends the Code of West Virginia to clarify limitations on mine subsidence insurance coverage. The bill specifies that the deductible for such coverage must be between $250 and $500, and the total insured value reinsured by the board cannot exceed $200,000. Additionally, the amount of mine subsidence reinsurance cannot exceed the amount of the fire insurance on the structure. The bill also mandates that any recovery paid to the policyholder for a covered loss must first be applied to property damages.

West Virginia HB5462 clarifies limitations on mine subsidence insurance coverage.

West Virginia HB5462 amends the Code of West Virginia to clarify limitations on mine subsidence insurance coverage. The bill specifies that the deductible for such coverage must be between $250 and $500, and the total insured value reinsured by the board cannot exceed $200,000. Additionally, the amount of mine subsidence reinsurance cannot exceed the amount of the fire insurance on the structure. The bill also mandates that any recovery paid to the policyholder for a covered loss must first be applied to property damages.