City losses not enough to collect casino insurance

Biloxi – When Hurricane Katrina hit, Biloxi was the only Coast city with business interruption insurance to protect it from loss of casino revenue.

The city has held onto that insurance, but won’t collect from the temporary casino closures for Hurricane Gustav.

The city’s insurance specialist, Wayne Tisdale, told the council that the casinos lost revenue estimated at USD 11.3 million or more. The city’s percentage of that revenue, he calculated, would be lower than the 5 percent policy deductible.