St. Louis Mayor Cara Spencer signed an executive order to waive a 25% holdback of insurance payouts for property damage claims related to the May 16 tornado that damaged at least 10,000 properties in the city.
The order instructs the City of St. Louis city counselor and building commissioner to waive an ordinance enabling the city to hold back 25% of insurance payouts into an escrow. The order applies to structures that sustained 50% or more damage as a result of the May 16th EF3 tornado that tore through St. Louis.
All insurers operating in