The Missouri Department of Commerce & Insurance published a bulletin clarifying their previous bulletin announcing a moratorium on nonrenewals and cancellations of residential property policies damaged by storms in the year.
Since the previous bulletin, the Department has received complaints that condominium complexes in the state have received nonrenewal or cancellation notices. The policies are master policies issued to condominium owners. While these policies do not fall under the moratorium, many condominium residents of the state have been adversely affected by the nonrenewals and cancellations.
As a result, the Department extends the provisions of the moratorium to extend to master policies issued to condominiums. This does not apply to Condominium Homeowners policies. The Department also clarifies that the moratorium does not apply to commercial property policies. The bulletins will remain in effect as long as a state of emergency is in effect in the state.
The bulletin can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.