§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)]