2007 Regular Session
To: Public Property
By: Representative Guice, Weathersby
AN ACT TO REQUIRE THE PREMIUMS ON BUILDER'S RISK INSURANCE POLICIES FOR PUBLIC CONSTRUCTION PROJECTS TO BE BORNE BY THE GOVERNMENTAL ENTITY FOR WHICH THE PROJECT IS PERFORMED; 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, the premiums on builder's risk insurance policies shall be borne by the governmental entity for which the project is performed; 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.