19 Miss. Code. R. 1-34.05

Current through December 10, 2024

Rule 19-1-34.05 - Outline of Coverage and Comprehensive Policy Checklist

No homeowners personal lines residential property coverage insurance policy shall be delivered or issued for delivery in this state unless an appropriate outline of coverage and comprehensive policy checklist have been delivered to the policyholder prior to or shortly thereafter issuance of the policy under separate cover, or accompany the policy when issued. The comprehensive policy checklist shall contain a list of provisions and elements, as required by this Regulation, whether or not they are included in the particular policy being issued, in a format that allows the insurer to indicate whether the provision is included so that the policyholder can see both what is included and what is not included in the policy. The outline of coverage and comprehensive policy checklist shall also be furnished at each renewal of the policy. The outline of coverage and comprehensive policy checklist shall provide information on the policy and may, but is not required, to include coverage by endorsement.

To be in compliance with this section, an insurer may use the Outline of Coverage and Comprehensive Policy Checklist prepared by the Department and attached hereto as Rule 34.11 or the insurer may create its own Outline of Coverage and Comprehensive Policy Checklist, provided the following information is included.

A. The Outline of Coverage shall provide information on the policy and may, but is not required, to include coverage by endorsement, and shall contain, at a minimum, the information set forth below.

1. A brief description of the type of coverage provided in the policy, amount of coverage, and whether the coverage is replacement cost or actual cash value ("ACV").

2. A summary statement of the principal exclusions and limitations or reductions contained in the policy, and any other limitations or reductions.

3. A summary of any additional coverage provided through any rider or endorsement that accompanies the policy, amount of that coverage, and whether the coverage is replacement cost or ACV.

Any insurer electing not to use Rule 34.11, or deviating from Rule 34.11, shall file its Outline of Coverage and Comprehensive Policy Checklist with the Department for approval prior to use.

B. An insurer must insert the following language on the outline of coverage:

"The following is an outline of coverage and comprehensive policy checklist of your insurance policy and is for informational purposes only. Mississippi law prohibits this checklist from changing any of the provisions of the insurance contract which is the subject of this checklist. Any endorsement regarding changes in types of coverage, exclusions, limitations, reductions, deductibles, coinsurance, renewal provisions, cancellation provisions, surcharges, or credits is not included in this checklist, unless otherwise indicated. This checklist does not operate to expand coverage beyond the coverage provided in the policy. If there is a contradiction between this checklist and the policy, the terms of the policy govern.

Policyholders should read their policy thoroughly. Policyholders should review their insurance policy annually with their insurance producer to ensure they are adequately covered."

C. Comprehensive Policy Checklist:

As part of the Outline of Coverage for homeowners personal lines residential property coverage insurance policies, an insurance company shall prepare a Comprehensive Policy Checklist. This comprehensive checklist shall contain a list of provisions and elements as required by this Regulation, whether or not they are included in the particular policy being issued, in a format that allows the insurer to indicate whether the provision is included so that the policyholder can see both what is included and what is not included in the policy. The comprehensive Policy checklist shall address, at a minimum, the following:

1. Property coverage for the principal premises shown in the declarations;

2. Property coverage for other structures on the residence premises;

3. Whether the principal premises and other structures are insured against the following perils:

a. Fire

b. Lightening

c. Explosion

d. Wind and Hail

e. Flood

f. Earthquake

g. Collapse

h. Mold

i. Theft;

4. Personal property/contents coverage and amounts or percentage of coverage;

5. Whether personal property/contents are insured against the following perils:

a. Fire

b. Lightening

c. Explosion

d. Wind and Hail

e. Flood

f. Earthquake

g. Collapse

h. Mold

i. Theft; and,

6. Whether the policy provides the following additional coverage;

a. Debris Removal

b. Loss assessment

c. Additional living expenses

d. Personal Liability coverage

e. Medical payments coverage

f. Named Windstorm Deductible

g. Building ordinance or law coverage

19 Miss. Code. R. 1-34.05

Mm. Code Ann. § 83-5-29 (Rev. 2011)

Amended 9/17/2018