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Nueces County approves lower storm coverage, discusses parametric insurance for pier and coastal assets
Summary
The county voted to renew property and casualty insurance with a recommended $50 million named-storm limit (down from $100 million), accepting higher deductibles on barrier-island properties while asking staff to explore parametric policies that could provide targeted payouts for a new pier and coastal concessions.
NUECES COUNTY — Nueces County commissioners voted May 24 to renew the county—alendar-year property and casualty program with a $50 million named-storm loss limit, a change the county—onsultant said was driven by dramatically higher market pricing and shrinking insurer capacity.
Insurance consultant Chase (county consultant) told the court that county replacement values had been revised from about $344 million to $387 million and that buying $50 million in named-storm coverage — rather than the $100 million the county carried last year — would still align with catastrophic-model results while limiting an otherwise steep premium increase. "We are recommending purchasing $50,000,000 this year," the consultant said, noting that carriers had reduced capacity and that premiums overall were increasing rapidly.
Why it matters: the court ccepted a package…
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