{"data":{"id":"us-ky/krs-56.120","jurisdiction":"us-ky","citation":"KRS 56.120","heading":"Payment for damages.","body":"(1) (a) When the amount of damage has been determined, the State Treasurer shall\ndebit the account of the Commonwealth's property and casualty insurance\nfund by that amount and credit with an equal amount the account of the\nagency that has control or custody of the property damaged, and upon warrant\nfrom the cabinet, the State Treasurer shall pay to the agency the amount so\ncredited to it, for the purpose of repairing the damage or reconstructing or\nreplacing the damaged or destroyed property.\n(b) If the agency dee ms it impracticable or undesirable to use the money for\nrepair, reconstruction, or replacement of the property damaged or destroyed, it\nmay, with the approval of the cabinet, and subject to the provisions of KRS\n56.491, expend said funds for the acquisitio n, repair, construction, or\nreconstruction of property similar to the property damaged or destroyed.\n(2) On and after March 31, 2025, until June 30, 2030, a debit, credit, or payment made\non account of the damage to any one (1) subject of risk, by any one (1) loss, shall\nnot be in excess of ten million dollars ($10,000,000), unless the Office of the\nController in the cabinet has effected reinsurance upon that risk to limit the liability\nof the Commonwealth's property and casualty insurance fund to ten milli on dollars\n($10,000,000), and unless the excess over this amount has actually been paid into\nthe fund by the reinsuring company or companies.\n(3) On and after July 1, 2030, a debit, credit, or payment made on account of the\ndamage to any one (1) subject of  risk, by any one (1) loss, shall not be in excess of\none million dollars ($1,000,000), unless the Office of the Controller in the cabinet\nhas effected reinsurance upon that risk to limit the liability of the Commonwealth's\nproperty and casualty insurance fund to one million dollars ($1,000,000), and unless\nthe excess over this amount has actually been paid into the fund by the reinsuring\ncompany or companies.","path":["KRS Chapter 56"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56049","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:10Z","sha256":"beabe39b6a48d38dc508457924587159724b6354057496ddf0a21fb4de8e95af","source_id":"us-ky","stale":false,"prev":"us-ky/krs-56.110","next":"us-ky/krs-56.130"},"notice":"GroundRules: Original legal text. Not legal advice."}