Is There a Maximum Limit for Mine Subsidence Coverage?
The maximum limit of liability for mine subsidence coverage is usually the same as the amount of coverage provided by the primary insurer for loss due to other property perils such as fire or windstorm. However, there is a maximum amount of reinsurance available to primary insurers through the Fund. As of 7/1/2011, the maximum amount re-insurable for both residential and commercial structures is $750,000. For residential living units (condominium or co-op units) the maximum amount re-insurable is $15,000.
Primary insurers may offer additional mine subsidence coverage over and above the reinsured limit, but are not required to do so by law. In the residential market, primary insurers rarely offer additional coverage, so the Fund provides a limit of reinsurance that is adequate for the vast majority of homes in the mandatory counties. In the commercial market, there are a number of primary insurers that provide higher limits of mine subsidence coverage, even though it is not reinsured with the Fund. Also, higher limits of mine subsidence coverage can be purchased from specialty markets that operate as excess/surplus lines insurers. Those insurers sell coverage through excess surplus lines brokers that work on a wholesale basis. If your primary insurer does not offer the full amount of mine subsidence coverage needed, ask your agent to check the excess/surplus lines brokerage market. Although the Fund does not endorse any particular broker, the following are known to offer mine subsidence coverage in excess of the maximum limits reinsured by the Fund.
CRC Insurance Services, Inc.
One North Franklin St. Suite 3500
Chicago, IL 60606
Interstate Risk Placement
7320 N. Villa Lake Dr.
P. O. Box 3765
Peoria, IL 61612
Rick Sutton, V.P. Underwriting
Phone: 309-692-8544 or 800-642-8397
Maximum Independent Brokerage, LLC
222 S. Riverside Plaza, Suite 2340
Chicago, IL 60606
Joe Messina, President and CEO