Rep. David R. Leitch
Filed: 3/11/2010
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1 | AMENDMENT TO HOUSE BILL 5685
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2 | AMENDMENT NO. ______. Amend House Bill 5685, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Counties Code is amended by adding Section | ||||||
6 | 3-5048 as follows: | ||||||
7 | (55 ILCS 5/3-5048 new) | ||||||
8 | Sec. 3-5048. Mine subsidence claims; title search. Every | ||||||
9 | recorder must accept notice of a payment of a claim for mine | ||||||
10 | subsidence insurance and file this information in a way that | ||||||
11 | allows it to be accessed in a title search of the property. | ||||||
12 | Section 10. The Illinois Insurance Code is amended by | ||||||
13 | changing Section 805.1 as follows:
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14 | (215 ILCS 5/805.1)
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1 | Sec. 805.1. Mine Subsidence Coverage.
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2 | (a) Beginning January 1, 1994, every policy issued or | ||||||
3 | renewed insuring a
residence on a direct basis shall include, | ||||||
4 | at a separately stated premium,
residential coverage unless | ||||||
5 | waived in writing by the insured. Beginning
January 1, 1994, | ||||||
6 | every policy issued or renewed insuring a commercial building
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7 | on a direct basis shall include at a separately stated premium, | ||||||
8 | commercial
coverage unless waived in writing by the insured. | ||||||
9 | Beginning January 1, 1994,
every policy issued or renewed | ||||||
10 | insuring a living unit on a direct basis shall
include, at a | ||||||
11 | separately stated premium, living unit coverage unless waived | ||||||
12 | in
writing by the insured.
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13 | (b) If the insured has previously waived mine subsidence | ||||||
14 | coverage in
writing,
the insurer or agent need not offer mine | ||||||
15 | subsidence coverage in any renewal or
supplementary policy in | ||||||
16 | connection with a policy previously issued to such
insured by | ||||||
17 | the same insurer, unless the insured subsequently makes a | ||||||
18 | written
request for mine subsidence coverage.
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19 | (c) The premium charged for residential, commercial or | ||||||
20 | living unit coverage
shall be the
premium level set by the | ||||||
21 | Fund. The loss covered shall be the loss in excess of
the | ||||||
22 | deductible or retention established by the Fund and contained | ||||||
23 | in a
mine subsidence endorsement to the policy. For all | ||||||
24 | policies issued or renewed on or after January 1, 2008, the | ||||||
25 | reinsured loss per residence, per commercial building, and per | ||||||
26 | living unit shall be the amounts established by the Fund and |
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1 | approved by the Director.
For all policies issued or renewed on | ||||||
2 | or after January 1, 1996, the amount of
reinsurance available | ||||||
3 | from the Fund shall not be less than $200,000 per
residence, | ||||||
4 | $200,000 per commercial building, or $15,000 per living unit. | ||||||
5 | The
Fund may, from time to time, adjust the amount of | ||||||
6 | reinsurance available as long
as the minimum set by this | ||||||
7 | Section is met.
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8 | (d) The residential coverage provided pursuant to this | ||||||
9 | Article may also
cover
the additional living expenses | ||||||
10 | reasonably and necessarily incurred by the owner
of a residence | ||||||
11 | who has been temporarily displaced as the direct result of
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12 | damage to the residence caused by mine subsidence if the | ||||||
13 | underlying policy also
covers this type of loss, provided | ||||||
14 | however, that the loss covered under living
unit coverage shall | ||||||
15 | be limited to losses to improvements
and betterments, and | ||||||
16 | reimbursement of additional living expenses and
assessments | ||||||
17 | made against the insured on account of mine subsidence loss.
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18 | (e) The total amount of the loss reimbursable to an insurer | ||||||
19 | shall be limited
to the amount of
insurance reinsured by the | ||||||
20 | Fund in force at the time when the damage first
becomes | ||||||
21 | reasonably observable. All damage caused by a single mine | ||||||
22 | subsidence
event or several subsidence events which are | ||||||
23 | continuous shall constitute one
occurrence.
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24 | (f) No insurer shall be required to offer mine subsidence | ||||||
25 | coverage in
excess of the reinsured limits.
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26 | (g) If an insurer pays a claim to an insured for mine |
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1 | subsidence, the insurer must file notice of that claim with the | ||||||
2 | recorder of the county where the insured's property is located. | ||||||
3 | The notice document shall be subject to
the fees and real | ||||||
4 | estate document recording standards contained
in Section | ||||||
5 | 3-5018 of the Counties Code. | ||||||
6 | (Source: P.A. 95-92, eff. 1-1-08; 95-334, eff. 1-1-08.)".
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