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General
Information
MIGA Coverage
The Mississippi Insurance Guaranty Association Law provides
protection for covered claims as defined in the guaranty
association law. MIGA coverage not only covers claims
for insured losses, it may also refund part of the premium
that was unearned if the policy is cancelled before the
expiration date.
This coverage is extended to Mississippi resident insureds
or claimants in the event of an insolvency of a member
insurance company. The guaranty association law recognizes
unpaid claims which arise out of and that are within the
coverage of an insurance policy to which the guaranty
association law applies, and which has been issued by
a member insurer licensed to transact insurance business
in this state either at the time the policy was written
or at the time of the insured event.
Maximum amount for all covered claims is $300,000 per
claimant except for workers' compensation, which is not
limited. Such amounts would never exceed the maximum amount
in the applicable insurance policy. There is a $50.00
deductible applicable to all claims with the exception
of workers' compensation.
There is no coverage for any amount awarded as punitive
or exemplary damages.
The MIGA law applies to all kinds of direct insurance
except uncovered lines outlined in the statute Section
83-23-105.
Non-resident policyholders and claimants must look to
their own state guaranty association for payment. In case
of property loss, the property must be permanently located
in Mississippi.
The Mississippi Insurance Guaranty Association Law requires
the exhaustion of other sources of recovery before obtaining
payment from MIGA, and potential recoveries must be pursued.
Any such recovery is an offset against funds available
from MIGA.
Special Note:
This information should not be relied upon as legal advice.
Please refer to the Mississippi Insurance Guaranty Association
Law available within this site for full statutory information
as to protection of policyholders and claimants in the
event of an insurance company insolvency and liquidation.
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