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County Administrator's Report 13. 9.
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| BCC Regular Meeting |
Budget & Finance Consent |
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| RECOMMENDATION: |
Recommendation Concerning Commercial Property Insurance - Robert Dye, Manager, Risk Management Office
That the Board approve the payment to USI Insurance Services, LLC, broker/agent of record, in the amount of $1,383,282, to place commercial property insurance through AmWins Brokerage of Alabama, LLC, for the period of December 1, 2018, through February 29, 2020.
[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 additional assets added to the Statement of Values and the negative impact the insurance markets have experienced over the last two years.
An additional three months of coverage were negotiated at a very favorable rate ($63,200 vs $330,020) to move the renewal date out of the reinsurance markets renewal period. The effect of this is a rate reduction from 0.298 per unit ($100) to .25 per unit of insurance based on the County's Total Insured Value of $442,335,397. |
| BUDGETARY IMPACT: |
| Funds are available in Cost Center 140835, Object Code 54501 |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
This recommendation does not require legal sign off.
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| 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 fifty thousand dollars ($50,000.00). |
| IMPLEMENTATION/COORDINATION: |
Upon approval 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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