City Of Biloxi Without Property Insurance - WLOX.com - The News for South Mississippi

City Of Biloxi Without Property Insurance

The City of Biloxi is insurance shopping after the council on Tuesday declined to vote on the only offer available. That means the city has no coverage for its property and equipment and it has no business interruption insurance either.

The only insurance proposal on the table has a $1.8 million premium price tag. That's double from last year and would provide $60 million in fire coverage, $32 million in wind coverage, $6 million in flood coverage, $2.8 million in automobile coverage, and $1.7 million in equipment coverage.

The city's insurance broker told council members it's the best deal he could find in a shrinking insurance market. 

"There are very, very few companies out there that'll write property insurance in the first tier of counties. That's the first two counties in a sea coast zone in the Gulf and Atlantic Basins of the U.S. It's very few, I'll pick a number. I'm going to say a dozen at the most," Wayne Tisdale said. 

The choices are even slimmer for business interruption coverage. That's the $10 million policy Biloxi bought for $92,000 right before the hurricane hit. It guaranteed the city would collect casino tax money for up to six months. But that same guarantee isn't available this year. 

"The only company I'm aware of that will do it will charge approximately $1 million for it. And it has to be a certain category - 5, 4, 3, 2, 1 - and the coverage reduces by the lower category. And the eye has to strike within 50 miles of a given area," Tisdale said.

The casinos add about $20 million a year to Biloxi's budget. The mayor says losing it isn't a gamble he wants to take. 

"Wayne has tried. He could find it, but it would be so expensive, I don't know if it would be worth it or not. It's going to be tough to get coverage from now on until things settle down. And maybe if we have no storms for a couple of years, the premiums, I think, will come down just like everything else," Mayor A.J. Holloway said.

Biloxi council members may have to go with the one choice before them, but with no vote taken on Tuesday, the city has no property coverage at all as of July first.  Mayor Holloway is expected to call a special council meeting Thursday morning to take up the issue again.

by Marcia Hill

  • NEWSMore>>

  • Pass police chief talks safety for upcoming parade

    Pass police chief talks safety for upcoming parade

    Saturday, January 20 2018 10:14 AM EST2018-01-20 15:14:45 GMT
    This is a photo from police on the scene after the shooting in 2016. (Photo source: WLOX News)This is a photo from police on the scene after the shooting in 2016. (Photo source: WLOX News)

    Officials in Pass Christian are already making plans for tighter security at this year's annual Mardi Gras parade. Part of that decision comes just two years after a fatal shooting at the parade claimed the lives of two men and left multiple others injured.

    More >>

    Officials in Pass Christian are already making plans for tighter security at this year's annual Mardi Gras parade. Part of that decision comes just two years after a fatal shooting at the parade claimed the lives of two men and left multiple others injured.

    More >>
  • Three people shot at Biloxi nightclub

    Three people shot at Biloxi nightclub

    Saturday, January 20 2018 9:31 AM EST2018-01-20 14:31:56 GMT
    Wayna Scott, 21 of Gautier, is charged in an overnight shooting Friday at a Biloxi nightclub. (Source: Biloxi Police Dept)Wayna Scott, 21 of Gautier, is charged in an overnight shooting Friday at a Biloxi nightclub. (Source: Biloxi Police Dept)

    A Gautier man is now behind bars after a nightclub shooting in Biloxi left three people injured overnight Friday.

    More >>

    A Gautier man is now behind bars after a nightclub shooting in Biloxi left three people injured overnight Friday.

    More >>
  • Two arrested for burglary and restaurant fire, police say

    Two arrested for burglary and restaurant fire, police say

    Friday, January 19 2018 9:43 PM EST2018-01-20 02:43:18 GMT
    Police say the suspects took a safe and a cash register before setting the restaurant ablaze. (Photo Source: WLOX)Police say the suspects took a safe and a cash register before setting the restaurant ablaze. (Photo Source: WLOX)

    Two men have been arrested after they allegedly stole from a Saucier restaurant and set the building on fire. 

    More >>

    Two men have been arrested after they allegedly stole from a Saucier restaurant and set the building on fire. 

    More >>
Powered by Frankly