Ohio Laws questions and answers
Ohio Valued Policy Law ✅✅Insured's right to be paid full policy limit of liability written
if total loss of property results from fire or lighting.
Ohio Insurance Guarantee Association ✅✅Non-profit organization of all admitted
insurers, protects the public by covering losses of insolvent members.
Controlled Business ✅✅Agent's business where 50% is from single source or written
on agent and family.
Mine Subsidence ✅✅Collapse of deep underground mines, coverage for residential
property in certain areas of Ohio. Association covers initial payment up to $300,000,
after that payment comes from insurer. Deductible is 2% with $250 minimum and $500
maximum. Replacement Cost.
Terrorism Risk Insurance Act TRIA ✅✅Reinsurance program offering optional
coverage to commercial risks. Act of terrorism certified by Secretary of Treasury,
Homeland Security, and Attorney General. Insurers pay, once insurance industry has
paid $100 million, the reinsurance plan will be triggered and insurers pay a
deductible/coinsurance.
Ohio Valued Policy Law ✅✅Insured's right to be paid full policy limit of liability written
if total loss of property results from fire or lighting.
Ohio Insurance Guarantee Association ✅✅Non-profit organization of all admitted
insurers, protects the public by covering losses of insolvent members.
Controlled Business ✅✅Agent's business where 50% is from single source or written
on agent and family.
Mine Subsidence ✅✅Collapse of deep underground mines, coverage for residential
property in certain areas of Ohio. Association covers initial payment up to $300,000,
after that payment comes from insurer. Deductible is 2% with $250 minimum and $500
maximum. Replacement Cost.
Terrorism Risk Insurance Act TRIA ✅✅Reinsurance program offering optional
coverage to commercial risks. Act of terrorism certified by Secretary of Treasury,
Homeland Security, and Attorney General. Insurers pay, once insurance industry has
paid $100 million, the reinsurance plan will be triggered and insurers pay a
deductible/coinsurance.
