City saves $448,000 with FEMA waiver of marina hurricane insurance

The City of Fernandina Beach will not be required to carry hurricane damage insurance on its marina, a savings of $448,000 thanks to a waiver obtained from the Federal Emergency Manage Agency (FEMA).

City Manager Sarah Campbell made the announcement Tuesday night at the city commission meeting.

"We secured over waivers from FEMA that we are not required to pay annual insurance on the marina property," Campbell told city commissioners. "That is a cost saving of $448,000...we are forwarding that on to our insurance company so when that term is up in July that bill will no longer be due."

In 2021 the cost of hurricane insurance was $362,000. In 2022 the cost was $402,000 and spiked again in 2024 to $448,000.

"I really want to commend staff on the FEMA waiver, that is a beautiful accomplishment that is several years in the making," said Mayor James Antun. "That's nearly a half a million dollars that our marina now has the opportunity to actually be in the black. That's critical for city taxpayers not to continue to be subsidizing marina functions."