Illinois Compiled Statutes 215 ILCS 5/815.1 – Subrogation
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(a) All insurers issuing mine subsidence policies shall retain the right of subrogation.
(b) The Fund, on its own behalf, may exercise the right of subrogation.
(c) Every insurer shall include in its reports an itemized list of all losses in subrogation and shall remit to the Fund all monies, less expenses, recovered as the result of subrogation actions.
(b) The Fund, on its own behalf, may exercise the right of subrogation.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/815.1
- Fund: means the fund established by this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Insurers: means insurance companies and reciprocals licensed and authorized to write Class 3 policies of insurance, as defined in this Code, within Illinois. See Illinois Compiled Statutes 215 ILCS 5/802.1
- Mine Subsidence: means lateral or vertical ground movement caused by a failure initiated at the mine level, of man-made underground mines, including, but not limited to coal mines, clay mines, limestone mines, and fluorspar mines that directly damages residences or commercial buildings. See Illinois Compiled Statutes 215 ILCS 5/802.1
- policies: means any contract or contracts of insurance providing the coverage of the Standard Fire Policy and Extended Coverage Endorsement on any residence, living unit or commercial building. See Illinois Compiled Statutes 215 ILCS 5/802.1
(c) Every insurer shall include in its reports an itemized list of all losses in subrogation and shall remit to the Fund all monies, less expenses, recovered as the result of subrogation actions.