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Item G1U. . BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Time Approximate: 11.00 a.m. Meeting Date: August 15 2 112 Division: Employee Services Bulk Item: Yes _ No X Department: Risk Management Staff Contact Person/Phone#:Maria L. Slavik X3178 AGENDA ITEM WORDING: Approval to pay additional estimated annual premium of $113,382 to Citizens Property Insurance Corporation for Windstorm Insurance Policy. ITEM BACKGROUND: An independent appraisal of the County's property was performed in April, 2011. The County's Consultant and Risk Manager performed an analysis and it was found that adjustments needed to be made so that the policy limits coincided with the appraisal. The $113,382 estimated premium will be in addition to the current annual premium of $336,165. PREVIOUS REVELANT BOCC ACTION: The current annual policy in the amount of $336,165 was approved by the BOCC on 5/16/2012. CONTRACT/AGREEMENT CHANGES: Make adjustments to Primary Wind coverage from Citizens at the annual premium of $336,165 to include the additional premium of $113,382. STAFF RECOMMENDATIONS: Approval. Estimated annual TOTAL COST: JU,3382 INDIRECT COST: BUDGETED: Yes X No Estimated annual Internal Service Fund COST TO COUNTY: 11U.,382 SOURCE OF FUNDS: Primarily Ad Valorem REVENUE PRODUCING: Yes _ NNV X AM UNT PER MONTH Year APPROVED BY: County Atty acing Risk Management DOCUMENTATION Included__ X Not DISPOSITION: Revised 2/27/01 AGENDA ITEM # MONROE COUNTY BOARD OF COUNTY COMMISSIONERS CONTRACT SUMMARY Contract with: Citizens PrnnPrty Contract Purpose/Description: Additional Windstorm Insurance Contract Manager: Maria Slavik (Name) for BOCC meeting on 08/15/12 Contract # Effective Date: Approx 9/19/2012 Expiration Date: 5/29/2013 due to recent appraisal of 3178 Risk Management #1 (Ext.) (Department/Stop #) kgenda Deadline: 07/31/12 CONTRACT COSTS Estimated additional annual premium Total Dollar Value of Contract: $ $113,382 Current Year Portion: $ 336,165 Budgeted? Yes® No ❑ Account Codes: 503-08502-530-450- Grant: $ County Match: $ Estimated Ongoing Costs: $ ADDITIONAL COSTS /yr For: (Not included in dollar value above) (eg. maintenance, utilities, janitorial, salaries, etc, CONTRACT REVIEW Changes ate In Needed Division Director a. Yes[] No06 Risk Manage1Tent LYes❑ No 1�11 O.M.B./Purchasing-3(�'17i Yes[] No� County Attorney 1r Yes[] No Comments: OMB Form Revised 2/27/01 MCP #2 Date Out �ZSI Iz I NTERISK Consultants Risk Management Employee Benefits July 11, 2012 Ms. Maria Slavik, CPM Risk Administrator Monroe County 1100 Simonton St. Suite 268 Key West, Florida 33040 Subject: Amending Primary Wind Limits Dear Maria: CORPORATION 1111 North Westshore Boulevard Suite 208 Tampa, FL 33607-4711 Phone (813) 287-1040 Facsimile (813) 287-1041 Based on an independent appraisal that was performed in April 2011, the insurable value of the County's buildings and the contents contained in the buildings are $191,910,824. County staff also estimates that its communication towers and equipment is valued at $12,119,746. Therefore it is believed that the County has a total exposure for damage to its real and personal property of $204,030,570. The County purchases insurance protection for potential damage or destruction of this property from Lexington Insurance Company and Landmark American Insurance Company with limits comparable to the estimated exposed value of $204 million. The insurance policies purchased by the County limits the amount of coverage for damage caused by named windstorms to $5,000,000 and all such claims are subject to a $1,000,000 per location/per occurrence deductible. To enhance the protection provided by Lexington and Landmark and reduce the exposure associated with the policy deductibles, the County also purchases Primary Wind coverage from Citizens Property Insurance Corporation through a program sponsored and backed by the State of Florida. The Citizens program limits the amount of insurance protection that can be purchased on any one building and its contents to $1,000,000 regardless of the total value of the building and contents. Claims submitted for most of the locations insured by Citizens would be subject to separate deductibles equal to 3% of the value of the building and/or the value of the building's contents. Currently the County purchases Primary Wind coverage from Citizens on a total of 52 locations and pays annual premiums of $336,165. To ensure the limits purchased from Citizens are consistent with the values developed during the appraisal, County staff performed a detail analysis of each location and determined that a number of locations are not included the Citizens' policy..and,th _tim'ts_ofa. ,un r f as at insured- a�Ij x�rient. Some offhe more notable locations that are not currently insured by Citizens include: ➢ The Freeman Justice Center ➢ The Medical Examiner's Office and Morgue located in Marathon ➢ The Tax Collector/Property Appraiser's Office located in Tavernier ➢ The Government/Cultural Center located in Key Largo Following the identification of those locations that are not currently insured by Citizens or those locations that need adjustments to the limits being purchased so they coincide with the appraisal, the County's insurance agent was asked to provide an estimated cost (additional premium) for making all of the changes identified during the County's analysis. The agent indicated that to make all of the changes would result in additional premiums of approximately $303,402. This amount was viewed as being unacceptable so the analysis was expanded to determine which locations would be most susceptible to wind storm losses and which locations are most critical to the County's operations. Applying the results of this expanded analysis to the projected premium provided by the County's agent reduced the projected cost of the changes to $113,382. Attached is a schedule that reflects the amount of primary wind insurance currently being purchased for each location, the adjustments that would be required so the amount of protection being purchased is consistent with the appraisal and Staff s final recommendation on which locations should be added to the County's Current Citizen's Primary Wind policy. It is recommended that the County make the adjustments as reflected on the attached schedule to its Citizens Primary Wind policy so it more closely coincides with the values developed during the appraisal that was performed in 2011. Please give me a call if you have any questions or wish to discuss this issue in more detail. Cordially, INTERISK CORPORATION Sidney G. 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