Commissioner of Insurance George Dale has extended his previous bulletin on an extension of coverage for property damaged by Hurricane Katrina to include commercial property insurance policies. Bulletin #2005-13 was issued on Nov. 4, 2005.
In the amended bulletin, no insurance company shall cancel or non-renew a personal or commercial property insurance policy covering a dwelling or property in Mississippi which has been damaged by Hurricane Katrina, for a period of sixty days after the dwelling or residential property has been repaired.
“Due to material shortages, the demand placed on contractors and construction workers by Hurricane Katrina, many policyholders who have received claim payments are finding they are unable to repair their property right away. Furthermore, while thousands of insureds have resolved their claims, some insureds are still negotiating with their insurance company therefore; they have not been able to even start repairs. These steps will help both residential and commercial policyholders from further harm by guaranteeing their new construction will be covered,” Dale said.
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