Aldermen to consider change in flood insurance | ostoday.net

City aldermen will discuss a request from Risk Management Director Mindy McDowell as to whether to make changes to the city's flood insurance for public buildings in order to save money.

In a memorandum to the board in advance of Tuesday's board of aldermen meeting, McDowell said after consulting with Lemon-Mohler Insurance agency, the city has changed insurance carriers. Under the old policy, the city had flood insurance capped at $5 million, with a deductible of $50,000 per occurrance.

She said the city does not currently have flood insuance with the new carrier, but has a couple of options to consider. One would be to purchase flood insurance with the new carrier, with another to purchase flood insurance on new or historically significant buildings through the National Flood Insurance Program.

NFIP Preferred sets a minimum value of $50,000 for buildings and contents and a $1,000 deductible.

The city buildings which would be covered and the amount which would be covered for the structure and contents?under NFIP are:

? Ocean Springs Sports Complex pavilion: $500,000 structure/$50,000 contents.

? OSSC equipment building: $50,000 structure/$50,000 contents.

? New Ocean Springs Police Department: $500,000 structure/$500,000 contents.

? New Ocean Springs Fire Department: $500,000 structure/$200,000 contents.

? Ocean Springs Community Center: $400,000 structure/$50,000 contents.

? Mary C. O'Keefe Cultural Arts Center: $500,000 structure/$300,000 contents.

City-owned buidlings such as the civic center or the Alice Street recreation building would not be covered, as they are neither new nor "historically significant."

The annual premiums under the NFIP program would cost the city $10,808 per year?and net a savings of some $22,000. Another option, McDowell said, would be to carry no flood insurance at all, thus saving $33,000 annually.

Also on Tuesday night, the board is expected to adopt an ordinance setting the new ward lines for the city, as presented by the redistricting committee and consultant Donovan Scruggs last month. Pending U.S. Justice Department approval, the new ward lines would take effect and be in place for the 2013 municipal elections.

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By Warren Kulo; Posted June 4, 2012

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