Ill. Admin. Code tit. 35 § 1501.420

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1501.420 - Premium and Deductible Requirements

a) Premiums

1)The annual premium for insurance coverage will be:

A)For the year July 1, 2020 through June 30, 2021, and for subsequent years through June 30, 2029, $1,500 per drycleaning facility per coverage year.

B)For July 1, 2029 through January 1, 2030, $750 per drycleaning facility per coverage year. [415 ILCS 135/45(e) ]

2) Premiums will not be prorated. If coverage is purchased for any part of a coverage year, the purchaser must pay the full annual premium. [415 ILCS 135/45(f) ]

3) Premiums may be paid annually or semi-annually. Payment of premiums on an annual basis are due on the first day of the first month of coverage. For premiums paid semiannually, payment of the first semi-annual premium is due on the first day of the first six calendar months of coverage and payment of the second semi-annual premium is due on the first day of the second six calendar months of coverage.

b)Any insurance coverage provided under Subpart D will be subject to a $10,000 deductible on eligible costs. [415 ILCS 135/45(g) ]

Ill. Admin. Code tit. 35, § 1501.420

Adopted in R 21-19 at 47 Ill. Reg. 1354, effective 1/17/2023