Current through Register Vol. 54, No.43, October 26, 2024
Section 271.385 - Commercial insurance; proof of coverage-municipalities and municipal authorities(a) The applicant shall submit proof of insurance coverage which shall consist of an authenticated copy of the insurance policy, including endorsements thereto, evidencing the insurance coverage for the facilities.(b) The Department will review the authentication copy of the insurance policy submitted by the applicant to determine if the coverage provided satisfies the insurance coverage requirements of this section. The Department may require additional proof, such as additional endorsements to the policy, or statements of intent from the insurer on the scope of coverage, to establish to the Department's satisfaction that the coverage provided is that which is required under this section.(c) An applicant shall be deemed to be without the required pollution liability coverage in the event of bankruptcy or insolvency of the issuing institution, or the suspension or revocation of the issuing institution's license or authorization to conduct the business of insurance in this Commonwealth, or in the case of risk retention groups, in the state which licensed, chartered or authorized the risk retention group. The applicant shall establish other pollution liability coverage within 30 days after receiving notice that its issuing institution is bankrupt, insolvent or its license or authorization to conduct the business of insurance, in this Commonwealth or in the state which licensed, chartered or authorized to conduct the business of insurance, has been suspended or revoked.The provisions of this §271.385 adopted September 13, 1991, effective 9/14/1991, 21 Pa.B. 4179. This section cited in 25 Pa. Code § 271.381 (relating to financial assurances requirements); and 25 Pa. Code § 271.382 (relating to forms of financial assurances-municipalities and municipal authorities).