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County Administrator's Report 7. 10.
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| BCC Regular Meeting |
Budget & Finance Consent |
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| RECOMMENDATION: |
Recommendation Concerning Commercial Property Insurance - Mark Bartlett, Risk Manager, Risk Management Office
That the Board approve the payment to USI Insurance Services, LLC, broker/agent of record, in the amount of $1,633,716, to place commercial property insurance through AmWins Brokerage of Alabama, LLC, for the period of March 1, 2020, through March 1, 2021.
[Funding: Fund 501, Internal Service, Cost Center 140835, Object Code 54501] |
| BACKGROUND: |
The terms and conditions of the commercial property policy renewal remain favorable with a $25,000 deductible, blanket coverage for real property, agreed value for vehicles and equipment, over the road comprehensive and collision coverage for vehicles, and a flood limit level with the all risks property limit of $75,000,000.
An increase in the property rates was incurred as a result of additional assets added to the Statement of Values and the negative impact the insurance markets have experienced over the last two years. |
| BUDGETARY IMPACT: |
| Funds are available in Cost Center 140835, Object Code 54501 |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| This Recommendation does not require legal sign off. |
| PERSONNEL: |
| Risk Management will be the Contractor Administrator. No additional personnel will be required. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| County Ordinance, Chapter 46, Article II, Section 46-64, providing for Board approval of contracts of $50,000. |
| IMPLEMENTATION/COORDINATION: |
| Upon appproval by the Board of County Commissioners, a Purchase Order will be issued by the Purchasing Office to provide payment for services rendered from the Contract. |
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