No insurance company shall knowingly issue any fire insurance policy upon property within this state for an amount which, together with any existing insurance thereon, exceeds a fair value of the property, nor for a longer term than five (5) years. When buildings and structures are insured against loss by fire and, situated within this state, are totally destroyed by fire, the company shall not be permitted to deny that the buildings or structures insured were worth at the time of the issuance of the policy the full value upon which the insurance is calculated, and the measure of damages shall be the amount for which the buildings and structures were insured. No insurance company or agent thereof shall be permitted to attach a three-quarter (3/4) value clause to insurance of this kind, and any fire insurance company or agent thereof who violates this section shall be guilty of a misdemeanor and shall, upon conviction, be fined not less than Two Hundred Dollars ($200.00) nor more than One Thousand Dollars ($1,000.00) for each offense. The provisions of this section shall not apply to any builder's risk insurance policy.
Codes, 1892, § 2337; 1906, § 2592; Hemingway's 1917, § 5056; 1930, § 5183; 1942, § 5693; Laws, 1912, ch. 224; Laws, 1936, ch. 206.
Amended by Laws, 2023, ch. 403, HB 544,§ 1, eff. 3/22/2023.
Notes of Decisions
Nat'l SEC. Fire & Cas. Co. v. MID-STATE, 370 So. 2d 1351 (Miss. 1979).
· cites it 2× “er, no liability therefor existed, this company shall, to the extent of such payment, be thereupon legally subrogated to all the rights of the party to whom such payment shall be made, under all security held as collateral to the mortgage debt, or may, at its option, pay to the…”
NAT. FARMERS UNION v. First Columbus, 669 So. 2d 767 (Miss. 1996).
· cites it 2× “Nothing in the foregoing prescribed form shall be construed to in any manner modify the provisions of Section 83-13-5. Id. (emphasis added). The legislature clearly anticipated foreclosure on the insured property and provided that such actions would not invalidate the insurance.”
Necaise v. USAA Cas. Co., 644 So. 2d 253 (Miss. 1994).
· cites it 2× “The policy of this state, embodied in the above case law, frowns upon insurers who sell insurance and then claim, upon a loss, that the insured has no insurable interest or less than that reflected by the policy limits. Clearly, Theresa had an insurable interest in the property…”
W. Fire Ins. v. Copeland, 651 F. Supp. 1051 (S.D. Miss. 1987).
“Code Annotated § 83-13-5 (1972) and the City of Pascagoula’s notice of condemnation of the building.”
Stephen R. Ward, Inc. v. United States Fid. & Guar. Co., 681 F. Supp. 389 (S.D. Miss. 1988).
· cites it 2× “Nothing in the foregoing prescribed form shall be construed to in any manner modify the provisions of section 83-13-5. (emphasis added) 9 . The assignment from Pine Belt to the plaintiffs transferred all of its interest in any claims and/or causes of action against the defendant…”
Foremost Ins. v. Lowery, 617 F. Supp. 521 (S.D. Miss. 1985).
· cites it 7× “§ 83-13-5 , is applicable and sets the amount of Plaintiff’s recovery at the face amount of the policies — $381,500.”
Est. of Murrell v. Quin, 454 So. 2d 437 (Miss. 1984).
“[2] MCA § 83-13-5 (1972), Amount of insurance. No insurance company shall knowingly issue any fire insurance policy upon property within this state for an amount which, together with any existing insurance thereon, exceeds a fair value of the property.”
Mears v. Jones, No. 1:17-cv-00006 (S.D. Miss. Aug. 27, 2019).
· cites it 3× “§ 83-13-5. Plaintiff contends that this statute requires that he be paid the full policy limit of any policy in effect at the time of the loss, regardless of any other terms of the policy or the progress of the construction project.”
Hill v. Foremost Ins. Co. Grand Rapids, No. 5:24-cv-00018 (S.D. Miss. Apr. 30, 2024).
· cites it 2× “Mississippi Code § 83-13-5 provides When buildings and structures are insured against loss by fire and, situated within this state, are totally destroyed by fire, the company shall not be permitted to deny that the buildings or structures insured were worth at the time of the…”
W. Fire Ins. v. Copeland, 786 F.2d 649 (5th Cir. 1986).
“We also see no merit to the Copelands’ argument that Mississippi’s valued policy statute, see Miss.Code Ann. § 83-13-5, applies to this case.”
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