2007 Regular Session
To: Public Property
By: Representative Guice, Weathersby, Patterson
AN ACT TO REQUIRE THE DEDUCTIBLES ON BUILDER'S RISK INSURANCE POLICIES FOR PUBLIC CONSTRUCTION PROJECTS TO BE REIMBURSED TO THE GOVERNMENTAL ENTITY FOR WHICH THE PROJECT IS PERFORMED IN THE EVENT OF A NATURAL DISASTER DECLARED BY THE GOVERNOR; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified as Section 31-5-30, Mississippi Code of 1972:
31-5-30. On public construction projects, in the event of a natural disaster declared by the Governor, county, municipal government or any political subdivision thereof, shall reimburse to the insured the deductible of the builder's risk insurance policy for damages sustained as a result of the natural disaster; however, claims for losses insured under such policies shall be paid according to the losses incurred by the respective parties.
SECTION 2. This act shall take effect and be in force from and after July 1, 2007.