The previous policy was for the purpose of “covering casino tax revenue for up to six months and cost $92,000 but could pay out as much as $10 million. To date Biloxi has received around $7.5 million from that policy and is currently pursuing the remainder.
Considering the first policy can’t be renewed Holloway is looking for another policy. The cost of a potential business interruption policy would “cost $1 million and only pay if a category 5 storm struck within 50 miles of Biloxi.”
The policy from last year covered “$10 million for wind, fire and flood, and $20 million for everything else except flood.”
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