Rule 19-1-41.06 - Uniform Policy Language for Named Storm DeductiblesAny homeowners' insurance policy or endorsement that includes a named storm deductible must include the following language in the policy:
A. Definition of Named Storm - the policy must define a named storm as set forth in the definition found at Rule 41.03(G) of this Regulation.B. Period when a Named Storm Deductible Applies - the policy must state that the named storm deductible is only applicable to wind, wind gusts, hail, rain, tornado, or cyclone losses occurring during the duration of a named storm and define the duration as follows: 1. Beginning at the time a named storm watch or warning is issued for any part of Mississippi by the National Hurricane Center of the National Weather Service;2. Continuing for the time period during which the named storm conditions exist anywhere in Mississippi; and,3. Ending twenty-four (24) hours following the termination of the last named storm watch or warning issued for any part of Mississippi by the National Hurricane Center of the National Weather Service.C.The policy or endorsement must clearly state what Coverages under the policy are subject to the Named Storm Deductible.D. Rule 41.13 of this Regulation, entitled "Attachment A - Named Storm Deductible Uniform Policy Language" provides the minimum language that must be included in the policy or endorsement. Any additions to this uniform language must be filed with and approved by the Department prior to use.E. The institution and/or modification of a named storm deductible is considered a material change and is subject to the provisions of Miss. Code Ann. § 83-2-3.F. Insurers must file their Named Storm Deductible Uniform Policy Language with the Department prior to use. Policies issued or renewals processed on or after October 1, 2014, must include approved Named Storm Deductible Uniform Policy Language.19 Miss. Code. R. 1-41.06
Miss. Code Ann. §§ 83-5-1; 83-2-3 (Rev 2011); HB 756, 2014 Regular Session