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Biloxi to Buy Storm Policy

28 June 2005

BILOXI, Mississippi -- As reported by the (Mississippi) Sun Herald: "Biloxi City Council on Monday unanimously approved Mayor A.J. Holloway's request that the city buy a $10 million insurance policy to protect the city against tax revenue loss in the event a storm closes casinos for an extended period.

"The policy will be taken out with Sawyer Insurance in Gulfport.

"The business interruption insurance would recover the lost casino tax revenue resulting from a storm or hurricane, which accounts for nearly $20 million per year - a third of the city's annual operating revenue.

"The city has nine casinos that provide tax revenue.

"The policy will provide a six-month cushion to give the casinos time to return to business, and would cost the city about $100,000 a year.

"...The council also approved the advertising to seek bids for a stand-by contractor for storm debris removal. The successful bidder will be placed on stand-by during hurricane season and would immediately begin removing debris in the event that a storm causes damage..."

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