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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Counties Code is amended by adding Section | ||||||||||||||||||||||||||
5 | 3-5047 as follows: | ||||||||||||||||||||||||||
6 | (55 ILCS 5/3-5047 new) | ||||||||||||||||||||||||||
7 | Sec. 3-5047. Mine subsidence claims; title search. Every | ||||||||||||||||||||||||||
8 | recorder must accept notice of a payment of a claim for mine | ||||||||||||||||||||||||||
9 | subsidence insurance and file this information in a way that | ||||||||||||||||||||||||||
10 | allows it to be accessed in a title search of the property. | ||||||||||||||||||||||||||
11 | Section 10. The Illinois Insurance Code is amended by | ||||||||||||||||||||||||||
12 | changing Section 805.1 as follows:
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13 | (215 ILCS 5/805.1)
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14 | Sec. 805.1. Mine Subsidence Coverage.
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15 | (a) Beginning January 1, 1994, every policy issued or | ||||||||||||||||||||||||||
16 | renewed insuring a
residence on a direct basis shall include, | ||||||||||||||||||||||||||
17 | at a separately stated premium,
residential coverage unless | ||||||||||||||||||||||||||
18 | waived in writing by the insured. Beginning
January 1, 1994, | ||||||||||||||||||||||||||
19 | every policy issued or renewed insuring a commercial building
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20 | on a direct basis shall include at a separately stated premium, | ||||||||||||||||||||||||||
21 | commercial
coverage unless waived in writing by the insured. |
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1 | Beginning January 1, 1994,
every policy issued or renewed | ||||||
2 | insuring a living unit on a direct basis shall
include, at a | ||||||
3 | separately stated premium, living unit coverage unless waived | ||||||
4 | in
writing by the insured.
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5 | (b) If the insured has previously waived mine subsidence | ||||||
6 | coverage in
writing,
the insurer or agent need not offer mine | ||||||
7 | subsidence coverage in any renewal or
supplementary policy in | ||||||
8 | connection with a policy previously issued to such
insured by | ||||||
9 | the same insurer, unless the insured subsequently makes a | ||||||
10 | written
request for mine subsidence coverage.
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11 | (c) The premium charged for residential, commercial or | ||||||
12 | living unit coverage
shall be the
premium level set by the | ||||||
13 | Fund. The loss covered shall be the loss in excess of
the | ||||||
14 | deductible or retention established by the Fund and contained | ||||||
15 | in a
mine subsidence endorsement to the policy. For all | ||||||
16 | policies issued or renewed on or after January 1, 2008, the | ||||||
17 | reinsured loss per residence, per commercial building, and per | ||||||
18 | living unit shall be the amounts established by the Fund and | ||||||
19 | approved by the Director.
For all policies issued or renewed on | ||||||
20 | or after January 1, 1996, the amount of
reinsurance available | ||||||
21 | from the Fund shall not be less than $200,000 per
residence, | ||||||
22 | $200,000 per commercial building, or $15,000 per living unit. | ||||||
23 | The
Fund may, from time to time, adjust the amount of | ||||||
24 | reinsurance available as long
as the minimum set by this | ||||||
25 | Section is met.
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26 | (d) The residential coverage provided pursuant to this |
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1 | Article may also
cover
the additional living expenses | ||||||
2 | reasonably and necessarily incurred by the owner
of a residence | ||||||
3 | who has been temporarily displaced as the direct result of
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4 | damage to the residence caused by mine subsidence if the | ||||||
5 | underlying policy also
covers this type of loss, provided | ||||||
6 | however, that the loss covered under living
unit coverage shall | ||||||
7 | be limited to losses to improvements
and betterments, and | ||||||
8 | reimbursement of additional living expenses and
assessments | ||||||
9 | made against the insured on account of mine subsidence loss.
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10 | (e) The total amount of the loss reimbursable to an insurer | ||||||
11 | shall be limited
to the amount of
insurance reinsured by the | ||||||
12 | Fund in force at the time when the damage first
becomes | ||||||
13 | reasonably observable. All damage caused by a single mine | ||||||
14 | subsidence
event or several subsidence events which are | ||||||
15 | continuous shall constitute one
occurrence.
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16 | (f) No insurer shall be required to offer mine subsidence | ||||||
17 | coverage in
excess of the reinsured limits.
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18 | (g) If an insurer pays a claim to an insured for mine | ||||||
19 | subsidence, the insurer must file notice of that claim with the | ||||||
20 | recorder of the county where the insured's property is located. | ||||||
21 | (Source: P.A. 95-92, eff. 1-1-08; 95-334, eff. 1-1-08.)
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