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Mine subsidence insurance, provided by the Ohio Mine
Subsidence Insurance Underwriting Association, provides up to
$100,000 of coverage or the amount of insurance on the dwelling, whichever
is less, for property damage to the structure caused by mine subsidence.
Mine subsidence is damage caused by lateral or vertical movement of
structures resulting from the collapse of underground mines. The
annual premium for this coverage is $1.00 in a mandatory
county and $5.00 in an optional county.
This section identifies the limits of liability and coverage under
the Ohio Mine Subsidence Insurance Underwriting Association program.
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(1)
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Maximum coverage permitted is the limit of coverage for the
structure on the insured’s current policy or $100,000
whichever is less.
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(2)
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If there is more than one coverage for mine subsidence for
any structure then the limit of liability is the largest
limit of coverage A in a single policy or one single limit
of $100,000 whichever is less.
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(3)
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A 2% deductible will apply on a per occurrence basis to the
mine subsidence coverage being provided. A minimum deductible
of $250 and a maximum deductible of $500 will apply.
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(4)
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Coverage applies to the structure at the described location including:
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(a)
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Cost of excavation or grading.
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(b)
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Foundations of buildings, boilers or engines which are below
the under surface of the lowest basement floor or where there
is no basement, below the surface of the ground.
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(c)
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Underground pilings, piers, pipes, flues and drains and/or
pilings below the watermark.
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This coverage may apply to private garages within the Special
Limits of Liability of the Mine Subsidence Insurance Coverage Form.
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This coverage may apply to sidewalks and driveways but only if
there is subsidence damage by the same occurrence to the insured
structure. This coverage is applicable within the Special Limits
of Liability of the Mine Subsidence Insurance Coverage Form.
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(5)
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Coverage does not extend to any of the following:
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–land
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–trees
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–crops
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–plants
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–contents
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–barns
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–commercial and industrial buildings
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(6)
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The limit of liability for loss to the structure at the
described location under the mine subsidence insurance
coverage form shall not exceed the smallest of the following
amounts:
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(a)
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The limit of liability on the dwelling in the insurance policy
to which the mine subsidence insurance coverage form attaches
or $100,000, whichever is less;
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(b)
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If more than one coverage for mine subsidence insures any given
structure, the limit of liability is the largest limit of
coverage on a single insurance policy to which the mine
subsidence insurance coverage form attaches or one single limit
of $100,000, whichever is less;
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(c)
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The actual cash value of the loss if repairs will not be
made to the property damaged by mine subsidence. Actual
cash value is defined as replacement cost less depreciation
or betterment;
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(d)
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The amount actually and necessarily expended in repairing
or replacing the insured structure with modern building
materials only if that structure’s repair or replacement is
made intending that the structure have the same occupancy
and use;
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(e)
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The amount available in the Mine Subsidence Insurance Fund
administered by the Governing Board of the Ohio Mine Subsidence
Insurance Underwriting Association.
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Special Limits of Liability apply to the coverage for driveways, sidewalks,
and private garages as follows:
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(i) |
The total limit of liability for all sidewalks and driveways is
an additional coverage amount of up to 10% of the mine subsidence
coverage limit of liability for the insured structure. In no case
will the limit of liability exceed the amount actually and
necessarily expended by the insured in repairing or replacing
any sidewalks and driveways for which the insured has the
responsibility for repair or replacement.
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(ii) |
The total limit of liability for all private garages is an
additional coverage amount of up to 10% of the mine subsidence
coverage limit of liability for the insured dwelling. In no case
will this limit of liability exceed the amount actually and
necessarily expended in repairing or replacing the private garages
with modern building material and payment will be made only if
the repair is made intending that the building(s) be private
garage(s) after repaired or replaced.
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An additional amount of coverage of up to $5,000 will be paid for Additional
Living Expense and/or Fair Rental Value if the insured structure is not fit
to live in due to a mine subsidence occurrence. Payment will be for the
shortest time required for repair of the mine subsidence damage.
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(7)
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Mine subsidence policies are not subject to the valued policy law.
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In optional counties, there is a 15-day waiting period if coverage is
purchased mid-term or if the coverage is not purchased at the time the
policy is initially bought.
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