West Virginia Code 33-30-10 – Payment of losses
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(a) Pursuant to the reinsurance agreements, authorized by this article, the board shall, within ninety days after receiving the loss report, pay the insurer all amounts due out of the fund.
Terms Used In West Virginia Code 33-30-10
- Board: means the state Board of Risk and Insurance Management. See West Virginia Code 33-30-3
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- fund: means the fund established by this article within the office of the state Board of Risk and Insurance Management. See West Virginia Code 33-30-3
- Mine subsidence: means loss to the structure caused by lateral or vertical movement, including collapse which results therefrom, of structures from collapse of man-made underground coal mines. See West Virginia Code 33-30-3
(b) No claim of an insured shall be paid by an insurer in respect of a loss covered by mine subsidence insurance prior to February 15, 1983. On and after February 15, 1983, all claims of insureds shall be paid within one hundred twenty days after proof of loss is presented to an insurer unless otherwise agreed by the insurer and claimant. Upon payment of the claim of an insured from the fund, the insured shall be deemed to have waived any cause of action for damages caused by subsidence to the extent of the payment from the fund.