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BULLETIN 98-6
TO: All Property and Casualty
Insurers in the State of Kentucky
FROM: George Nichols III
Commissioner of Insurance
DATE: June 11, 1998
RE: New Premium Rates
for the Mine Subsidence Program
Sections 31 and 32 of House Bill 496, passed by the 1998
General Assembly, increase the limits of coverage available for mine subsidence
insurance from fifty thousand dollars ($50,000) to one hundred thousand dollars
($100,000) per structure. Pursuant to KRS 304.44-020 (4), the Administrator has
established new premium rates which shall become effective July 14, 1998, for
new business and October 15, 1998, for renewal business. The new rates are set
forth in this Bulletin and shall be charged for the appropriate amount of
coverage. Any questions should be addressed to the Division of State Risk,
(502) 564-6055.
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COMMONWEALTH OF KENTUCKY
COAL MINE SUBSIDENCE RATES
REVISED RATES EFFECTIVE JULY 14, 1998
House Bill 496, Section 31 and 32
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AMOUNT OF COAL MINE
SUBSIDENCE INSURANCE
ON THE STRUCTURE
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PREMIUM
DWELLING
STRUCTURE
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PREMIUM
NON-DWELLING
(1) STRUCTURE
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up
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to
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$15,000
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$10.00
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$18.00
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15,001
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to
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20,000
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$11.00
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$19.00
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20,001
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to
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25,000
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$12.00
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$20.00
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25,001
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to
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30,000
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$13.00
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$21.00
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30,001
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to
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35,000
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$14.00
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$22.00
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35,001
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to
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40,000
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$15.00
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$23.00
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40,001
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to
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45,000
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$16.00
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$24.00
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45,001
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to
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50,000
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$17.00
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$25.00
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50,001
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to
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55,000
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$18.00
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$26.00
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55,001
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to
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60,000
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$19.00
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$27.00
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60,001
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to
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65,000
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$20.00
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$28.00
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65,001
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to
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70,000
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$21.00
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$29.00
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70,001
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to
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75,000
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$22.00
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$30.00
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75,001
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to
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80,000
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$23.00
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$31.00
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80,001
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to
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85,000
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$24.00
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$32.00
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85,001
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to
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90,000
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$25.00
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$33.00
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90,001
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to
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95,000
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$26.00
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$34.00
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95,001
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to
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100,000
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$27.00
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$35.00
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NOTE:
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(1)
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A non-dwelling structure is defined for rating
purposes as a building that is not principally used for residential purposes
or house more than four family units.
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(2)
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$100,000 is the maximum amount of insurance reinsured by
the Kentucky Coal Mine Subsidence Fund.
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FOR COMPANY USE ONLY - AMOUNTS ABOVE $100,000
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(3)
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Dwellings - $5,000 increments above $100,000
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$1.00
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(4)
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Commercial - $5,000 increments above $100,000
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$1.00
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Effective 7/14/98 New Business; 10/15/98 Renewals
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