From WLOX:
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.
Hmmm. I can’t think of any reason a property insurer might be uncomfortable with writing a large schedule on the Mississippi Gulf Coast, can you?
Seriously, with most insurers looking at their cat aggregations, reinsurers charging an arm-and-a-leg, and rating agencies requiring stronger capital adequacy ratios, I suspect that stories such as this one might be pretty common.