Laserfiche WebLink
<br />reservoir liability insurance in the event that such insurance <br />is not available to reservoir owners or, if available, is so <br />unreasonably expensive as to be practicably unavailable. <br />States that such association shall be self-supporting, without <br />subsidy from its members, and operated on a nonprofit basis. <br />Provides for the creation of a reservoir liability <br />extraordinary loss fund upon the finding or a special <br />committee, composed of the commissioner' of insurance, the <br />state auditor, and the executive director of the department of <br />natural resources, that the reservoir liability insurance <br />coverage to be provided by the fund is unavailable or, if <br />available, is so unreasonably expensive as to" be practicably ~ <br />unavailable. Provides that the fund is to be funded by an <br />annual assessment upon reservoir owners and is to be <br />administered by the commissioner of insurance. States that <br />coverage of the fund will be for those 1 i abi 1 i ties in excess II d <br />of a reservoir owner's basic coverage insurance. Provides f ~ <br />that no insurance carrier providing the basic coverage~. <br />insurance shall be liable in excess of such basic coverage. ,~ <br />Restricts an insurer's right to cancel a reservoir <br />liability insurance policy and requires the insurer to give <br />advance notice of its intention not to renew such a policy. ~".; <br />Provides that the policyholder, upon request, is entitled to J <br />receive the insurer's reasons for such cancellation or <br />nonrenewal. ~' <br />Makes an appropriation to the division of insurance in '''1 <br />the department of regulatory agencies for implementation and A. :ulIb:, <br />~~~~~i strati on of the reservoi r 1 iabil i ty extraordi nary loss tlli;i!M.:< <br /> <br />~~~:::) <br /> <br />e~ <br /> <br />1 Be it enacted ~ the General Assembly of the State of Colorado: <br /> <br />2 <br /> <br />SECTION 1. Article 87 of title 37, Colorado Revised <br /> <br />3 Statutes 1973, as amended, is amended BY THE ADDITION OF A NEW <br />4 SECTION to read: <br /> <br />5 <br /> <br />37-87-100.3. Definitions. <br /> <br />As used in this article, <br /> <br />6 unless the context otherwise requires: <br /> <br />;7 <br /> <br />(1) "Alteration" or "repair" means only an alteration or <br /> <br />2S repair which affects the safety of a dam or reservoir. <br /> <br />'9 <br /> <br />(2) (a) "Dam" means any artificial barr,ier, together <br /> <br />10 with appurtenant works, which does or may impound or divert <br /> <br />-2- <br /> <br />15 <br /> <br />iLi\ <br />'vi/) <br />