State Codes and Statutes

Statutes > Kentucky > 056-00 > 120

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56.120 Payment for damages. When the amount of damage has been determined, the State Treasurer shall debit the <br>account of the state fire and tornado insurance fund by that amount and credit with an <br>equal amount the account of the agency that has control or custody of the property <br>damaged, and upon warrant from the Finance and Administration Cabinet, the Treasurer <br>shall pay to the agency the amount so credited to it, for the purpose of repairing the <br>damage or reconstructing or replacing the damaged or destroyed property. If the agency <br>deems it impracticable or undesirable to use the money for repair, reconstruction, or <br>replacement of the property damaged or destroyed, it may, with the approval of the <br>Finance and Administration Cabinet, and subject to the provisions of KRS 56.491, <br>expend said funds for the acquisition, repair, construction, or reconstruction of property <br>similar to the property damaged or destroyed. No debit, credit, or payment made on <br>account of the damage to any one (1) subject of risk, by any one (1) loss, shall be in <br>excess of five hundred thousand dollars (&#36;500,000), unless the cabinet has effected <br>reinsurance upon the subject of risk such as to limit the liability of the state fire and <br>tornado insurance fund to five hundred thousand dollars (&#36;500,000), and unless the <br>excess over this amount has actually been paid into the fund by the reinsuring company or <br>companies. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 46, effective July 15, 2010. -- Amended 1982 Ky. Acts ch. 406, sec. 5, effective July 15, 1982. -- Amended 1970 Ky. Acts <br>ch. 92, sec. 16. -- Amended 1960 Ky. Acts ch. 100, sec. 2, effective June 16, 1960. -- <br>Amended 1954 Ky. Acts ch. 225, sec. 2. -- Amended 1950 Ky. Acts ch. 192, sec. 6. -<br>- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>sec. 4636-28.

State Codes and Statutes

Statutes > Kentucky > 056-00 > 120

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56.120 Payment for damages. When the amount of damage has been determined, the State Treasurer shall debit the <br>account of the state fire and tornado insurance fund by that amount and credit with an <br>equal amount the account of the agency that has control or custody of the property <br>damaged, and upon warrant from the Finance and Administration Cabinet, the Treasurer <br>shall pay to the agency the amount so credited to it, for the purpose of repairing the <br>damage or reconstructing or replacing the damaged or destroyed property. If the agency <br>deems it impracticable or undesirable to use the money for repair, reconstruction, or <br>replacement of the property damaged or destroyed, it may, with the approval of the <br>Finance and Administration Cabinet, and subject to the provisions of KRS 56.491, <br>expend said funds for the acquisition, repair, construction, or reconstruction of property <br>similar to the property damaged or destroyed. No debit, credit, or payment made on <br>account of the damage to any one (1) subject of risk, by any one (1) loss, shall be in <br>excess of five hundred thousand dollars (&#36;500,000), unless the cabinet has effected <br>reinsurance upon the subject of risk such as to limit the liability of the state fire and <br>tornado insurance fund to five hundred thousand dollars (&#36;500,000), and unless the <br>excess over this amount has actually been paid into the fund by the reinsuring company or <br>companies. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 46, effective July 15, 2010. -- Amended 1982 Ky. Acts ch. 406, sec. 5, effective July 15, 1982. -- Amended 1970 Ky. Acts <br>ch. 92, sec. 16. -- Amended 1960 Ky. Acts ch. 100, sec. 2, effective June 16, 1960. -- <br>Amended 1954 Ky. Acts ch. 225, sec. 2. -- Amended 1950 Ky. Acts ch. 192, sec. 6. -<br>- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>sec. 4636-28.

State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 056-00 > 120

Download pdf
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56.120 Payment for damages. When the amount of damage has been determined, the State Treasurer shall debit the <br>account of the state fire and tornado insurance fund by that amount and credit with an <br>equal amount the account of the agency that has control or custody of the property <br>damaged, and upon warrant from the Finance and Administration Cabinet, the Treasurer <br>shall pay to the agency the amount so credited to it, for the purpose of repairing the <br>damage or reconstructing or replacing the damaged or destroyed property. If the agency <br>deems it impracticable or undesirable to use the money for repair, reconstruction, or <br>replacement of the property damaged or destroyed, it may, with the approval of the <br>Finance and Administration Cabinet, and subject to the provisions of KRS 56.491, <br>expend said funds for the acquisition, repair, construction, or reconstruction of property <br>similar to the property damaged or destroyed. No debit, credit, or payment made on <br>account of the damage to any one (1) subject of risk, by any one (1) loss, shall be in <br>excess of five hundred thousand dollars (&#36;500,000), unless the cabinet has effected <br>reinsurance upon the subject of risk such as to limit the liability of the state fire and <br>tornado insurance fund to five hundred thousand dollars (&#36;500,000), and unless the <br>excess over this amount has actually been paid into the fund by the reinsuring company or <br>companies. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 46, effective July 15, 2010. -- Amended 1982 Ky. Acts ch. 406, sec. 5, effective July 15, 1982. -- Amended 1970 Ky. Acts <br>ch. 92, sec. 16. -- Amended 1960 Ky. Acts ch. 100, sec. 2, effective June 16, 1960. -- <br>Amended 1954 Ky. Acts ch. 225, sec. 2. -- Amended 1950 Ky. Acts ch. 192, sec. 6. -<br>- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>sec. 4636-28.