Council approves higher insurance limits and adds cyber coverage at no additional cost

The Gulfport City Council on April 27 approved administration’s recommendation to adopt insurance option 2, which raises policy limits and adds cyber-liability coverage at no extra cost.

Mister Bordeaux, the presenter, told the council the option increases limits “from 27,500,000 to 30,000,000 and then add the new cyber liability coverage for no additional cost.” He said the city has identified bond efficiencies that will save the city more money and that as limits increase, overall rates should fall. The council asked for a full asset valuation and an updated spreadsheet; Bordeaux said he would gather the records, meet with members individually and return a final report before hurricane season.

Council members asked how soon they could expect the final materials and whether the recommended option is a not-to-exceed dollar amount; Bordeaux said the numbers will continue to fall as they refine valuations and add other entities to the program. After questions and a brief motion to approve, the council voted in favor of the recommendation.

The council’s vote follows earlier cost-saving changes; Bordeaux told members the team had found an additional $1,500 in bond savings and is continuing to pursue further efficiencies. The council did not record a formal breakdown of the new premium or the exact annual fiscal impact during the meeting; Bordeaux said he would supply more detailed figures in his follow-up report.