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Officials briefed on regional property-insurance pool offering broader coverage, lower premiums for Biloxi
Summary
An insurance representative told the council that a regional pool covering 13 entities would expand coverage and reduce Biloxi's premiums compared with last year; the plan includes a shared loss fund and inspections/appraisals.
An insurance representative briefed the Biloxi City Council on a proposed regional property-insurance pooling arrangement that the presenter said includes 13 entities and offers broader coverage at lower cost.
Frank Mordo summarized the plan and told the council that the new policy package “has additional coverages that y'all haven't had really since Katrina.” Mordo said the pool secures a $375,000,000 loss limit for “all other perils, including straight line wind events” and that Biloxi’s participation would yield an…
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