Every policy of group disability insurance issued or subsequently renewed by agreement between the insurer and the policyholder issued under the provisions of this chapter shall contain a provision such that in the event that the insured employee leaves the group covered by such insurance because his employment is terminated due to a plant closing as defined in Title 24, section 471, Virgin Islands Code, the coverage originally provided by such plan for the insured employee, his spouse and dependents shall be continued for a period of 90 days thereafter, unless during such period, the insured employee shall otherwise be entitled to similar benefits. Such insured employee and such employer or policyholder shall be responsible for the payment of their respective shares of the premium due as provided in said group plan. The employer or policyholder shall notify the insured employee in writing of their eligibility to participate in such plan. The insured employee may elect to continue participation in such plan by giving written notice thereof to the employer or the policyholder. The insured employee whose employment has been terminated shall be responsible for the payment of whatever part of the premium, if any, normally paid by such insured employee as originally provided in such plan, throughout the 90 day period. If applicable, after timely receipt of the premium payment from the individual, if the employer or policyholder fails to make payment to the insurer with the result that the coverage is terminated, the employer or policyholder shall be liable for benefits to the same, to such extent as the insurer would have been liable if coverage had not been terminated. Timely receipt of payment shall mean the employer's or the policyholder's receipt of the premium or applicable portion thereof for extended coverage from such member within the dates or by the date indicated by the employer or policyholder at the time of election of extended coverage. Failure to give notice or to make applicable premium payments shall constitute a waiver of the option to have extended coverage. Notwithstanding the provisions of this section, any contractual agreement arrived at by a collective bargaining process that contains provisions requiring an employer to pay for the continuation of such insurance for employees whose employment is terminated by a plant closing shall supercede the requirements of this section when said contractual agreement provides for at least 90 days continuation of such insurance.