"Lender Environmental Insurance" is a American Lawyer Media form. The following model form has been provided by permission of Zurich-American Insurance Group and Steadfast Insurance Company for lender environmental insurance.
"Lender Environmental Insurance" is a American Lawyer Media form. The following model form has been provided by permission of Zurich-American Insurance Group and Steadfast Insurance Company for lender environmental insurance.
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Mine subsidence insurance is generally only offered in the states most at risk for the peril ? in other words, those states with a notable number of properties established over abandoned mines. These states include Colorado, Illinois, Indiana, Kentucky, Ohio, Pennsylvania, West Virginia and Wyoming.
Who needs Mine Subsidence Insurance (MSI)? Any homeowner whose property sits on top of an abandoned coal and clay mine. Adjacent properties may also be at risk for mine subsidence or mine water breakouts, which are the sudden release of water from flooded underground mines.
Insurance coverage is mandatory in 26 of the 37 counties, with a low annual premium. Available for 1- to 4-family dwellings having at least 50% of the living area occupied. Mobile homes and farm houses are also eligible. Coverage is the lesser of $300,000 or the amount of insurance coverage for the dwelling.
Due to the nature of the damage, standard policies do not cover mine subsidence claims. For protection, you must purchase mine subsidence insurance as an addition to your current policy. Subsidence insurance can be added to your homeowners policy at any time.
The PA 900 and 910 endorsements insure the lien priority of the insured mortgage over environmental protection liens, except those under the designated Pennsylvania statute.
"Mine Subsidence" does not include lateral or vertical ground movement caused by earthquake, landslide, volcanic eruption, soil conditions, soil erosion, soil freezing and thawing, improperly compacted soil, construction defects, roots of trees and shrubs or collapse of storm and sewer drains and rapid transit tunnels.
A standard homeowners insurance policy typically won't cover damages from mine subsidence, so if you live in an area that experiences subsidence, you may want to consider additional coverage to financially protect your home.
Mine subsidence coverage generally pays for damage caused by underground mines and mine water breakouts, but eligible structures and coverage limits vary by state.