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County Administrator's Report   13. 1.
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BCC Regular Meeting |
Budget & Finance Consent   |
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RECOMMENDATION: |
Recommendation Concerning Property, Boiler and Machinery, Crime & Accidental Death and Dismemberment (Statutory Death Benefits) Insurance - Robert Dye, Manager, Risk Management Office
That the Board approve the renewal of PD 10-11.064, Property, Boiler and Machinery, Crime & Accidental Death and Dismemberment (Statutory Death Benefits) Insurance, to Whitman & Whitman Insurance to provide Property Insurance, not to exceed the amount of $1,223,539.17, for the period of October 1, 2015, through September 30, 2016.
[Funding: Fund 501, Internal Service, Cost Center 140835, Object Code 54501] |
BACKGROUND: |
The Boiler & Machinery, Commercial Crime and Accidental Death and Dismemberment coverage renew separately.
The Commercial Property policy limit remains at $45,000,000 with renewal offering significant enhancements in coverage and a favorable deductible. The underwriters’ probability analysis for critical return periods shows that Escambia County’s level of exposure for windstorm loss at our estimated total insured value and policy limit of $45,000,000 falls in between the 250 and 500 year critical return periods.
The County’s agent of record was able to negotiate favorable terms with carriers to achieve a minor decrease in the rate per $100 of total insured value (down from .2694 to .2690) while increasing our Flood coverage to the full $45,000,000 policy limit (up from $25,000,000) and a decrease in deductible (down from $100,000 and 5% named storm to $25,000 and 3% named storm).
The annual premium amount is increased $32,882.17 over last year’s premium due to the additional total insured value added to our Statement of Values following internal review of our vehicle and heavy equipment lists and the addition of Santa Rosa Island Authority properties and equipment. |
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 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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