Deductible

Deductible. (1) All insurance policies providing coverage required under this chapter shall be written with a per-occurrence deductible and not with a self-insured retention basis. (2) The insurance policy shall have a deductible of no more than $50,000 per occurrence unless a higher deductible is approved by the department in writing before the certificate of completion is issued. (3) If a claim is made on the policy by the department, the department may pay the deductible if funds are available. (4) The voluntary party shall pay a fee to the department that is equal to 5 percent of the deductible before a certificate of completion is issued. The department may use those funds toward payment of a future deductible.