MS Looks For Insurance Coverage
Officials with the Mississippi Windstorm Underwriting Association are in London this week looking for reinsurance deals.
The association, also known as the wind pool, is the insurer of last resort for coastal property owners who are unable to obtain coverage in the open insurance market.
Reinsurance – essentially, insurance for insurers – protects the board from debilitating claims, such as 2005’s Hurricane Katrina.
Wind pool board member Mark Cumbest tells the Mississippi Press that the association sends its board members on trips each year to meet with the reinsurance market’s major players, who are concentrated in London and Bermuda.
The wind pool covers about 46,000 residences in Jackson, Harrison, Hancock, George, Stone and Pearl River counties.
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