{"data":{"id":"us-ms/miss.-code-ann.-83-54-19","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 83-54-19","heading":"Payment by insurer in the event of loss.","body":"(1) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss and shall be reduced by any payments to the creditor or debtor recovered from a third party:\n(a) The cost to repair the collateral, less any applicable deductible;\n(b) The actual cash value of the collateral, less any applicable deductible;\n(c) The net debt, less any applicable deductible; or\n(d) If single interest insurance is provided, the amount by which the creditor’s interest is impaired.\n(2) The net debt or actual cash value amounts in subsection (1) may be reduced by the value of salvage if the insurer does not take possession of the insured property. This does not preclude the borrower’s right to retain possession of the damaged collateral, if desired.\n(3) In the event of a loss, no subrogation shall run against the debtor from the insurer.\n(4) Whenever a claim is made on a creditor-placed insurance policy, the insurer shall furnish to the creditor a written statement of the loss explaining the settlement amount and the method of settlement, and the creditor shall furnish this information to the debtor.\n(5) A creditor or insurer may not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant. The insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time the claim is reported to the insurer in accordance with the terms of the policy to the time the claim is paid. After the claim is paid, the debtor shall be responsible for the payment of any towing or storage charges.","path":["Title 83. Insurance","Chapter 54. Mississippi Creditor-Placed Insurance Act"],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.83.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:33Z","sha256":"8b814d5ad1d0d0f974fe94c8b628ef89b2edd9691b249d5163b63354ef7d8071","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-83-54-17","next":"us-ms/miss.-code-ann.-83-54-21","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}