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Ocean Springs accepts insurance renewal with broader wind and lower deductible
Summary
The board approved an insurance renewal (the 3%-deductible option) that restores full wind limits, reduces deductibles on several perils and maintains cyber liability coverage; staff said the option offers better overall terms despite a modest premium difference.
The Ocean Springs Board of Aldermen voted to accept the city's property-insurance renewal under the option staff and the presenter recommended. Scott, the presenter, outlined two options: a 5% deductible option that would have yielded about 35% premium savings and a 3% option that offered roughly 28% savings but provided better coverage for named-storm/ full-value losses and lower deductibles on several lines.
Scott explained that the renewal includes blanket coverage (which pools policy limits across scheduled properties), full wind limits (important because the city has about $48 million in building value listed), improved deductibles (from a previous $25,000 down to $10,000 on some perils and different percentage structures), expanded inland/ocean-marine coverage and cyber-liability protection that covers incident response and notification costs. He said municipalities and medical clinics remain frequent cyber targets and recommended not accepting a substantially higher deductible for marginal premium savings.
Alderman Blackman moved to accept option 2 (the 3% option) and Alderman Wade seconded the motion. Council voted to approve the recommendation. Board members characterized the selection as the "best buy" given the marketplace and coverage improvements.
Next steps: staff will proceed with the renewal on the selected terms and confirm policy documents and coverages to the board.
