On Jul. 17, KNY INS increased mine subsidence rate premiums.
KNY INS issued Bulletin 2024-05, concerning New premium rates for the mine subsidence insurance program; establishes new rates for mine subsidence insurance.
Follows KNY LEG Apr. 2024 enacted bill on mine subsidence insurance, see #207526.
New Premium Rates
New bill HB 371 increases the maximum total insured value eligible to be reinsured by the mine subsidence fund; increased per structure from $300,000 to $500,000.
Provides Commissioner with regulatory authority to amend the threshold if necessary.
Additional living expense limit is increasing to $50,000, covers expenses incurred by owner of residence who is temporarily displaced due to mine subsidence damage.
All insurers doing business in KNY will need to re-execute reinsurance agreements with KNY INS due to the change in the total insured value eligible for reinsurance.
Policies effective Jan. 1, 2025 may remain at rate, coverage limit until policy renewal.
Effectiveness
Bulletin shall take effect on Jan. 1, 2025.
In Sep. 2024, KNY INS published updated mine subsidence insurance rates, #225293.
