Item K3/
CM
ounty of onroe
BOARD OF COUNTY COMMISSIONERS
Mayor George Neugent, District 2
Mayor Pro Tem David Rice, District 4
TheFloridaKeys
Danny L. Kolhage, District 1
Heather Carruthers, District 3
Sylvia J. Murphy, District 5
County Commission Meeting
December 14, 2016
Agenda Item Number: K.3
Agenda Item Summary #2425
BULK ITEM: DEPARTMENT:
Yes BOCC District 3
TIME APPROXIMATE:STAFF CONTACT:
Carol Schreck (305) 292-3430
n/a
AGENDA ITEM WORDING:
Approval to reinstate unused funds for the creation of a wind
insurance mitigation form specific for Monroe County in the amount of $30,000; to be administered
by Fair Insurance Rates in Monroe (FIRM).
ITEM BACKGROUND:
Wind insurance mitigation forms are used by Citizens Property Insurance Corp (CPIC) to determine
policyholder wind-damage mitigation efforts and subsequent credits (deductions) on wind insurance
premium. The current form used by CPIC is based on the Florida Building Codes which are less
stringent than Monroe County Building codes. Fair Insurance Rates in Monroe (FIRM), as well as
CPIC and the Office of Insurance Regulation (OIR) agree that a new form needs to be created in
order to begin to give proper mitigation credits to Monroe County property owners.
PREVIOUS RELEVANT BOCC ACTION:
At the April 16, 2014 meeting, the BOCC unanimously approved the expenditure of $30,000.00
toward the creation of a Monroe County-specific wind insurance mitigation form.
The funds originally approved were not utilized as it was determined to be more beneficial to revise
after FIRM completed its Reduce Insurance Premiums Project (RIPP) which chronicled actual
building strength in Monroe County.
CONTRACT/AGREEMENT CHANGES:
n/a
STAFF RECOMMENDATION:
DOCUMENTATION:
FINANCIAL IMPACT:
Effective Date: 12/14/16
4EGOIX4K
/
Expiration Date: 12/14/17
Total Dollar Value of Contract: $30,000.00
Total Cost to County: $30,000.00
Current Year Portion: 100%
Budgeted:
no
Source of Funds: AD Valorem Fund Reserves
CPI:
Indirect Costs: none
Estimated Ongoing Costs Not Included in above dollar amounts: none
Revenue Producing: no If yes, amount:
Grant:
no
County Match
: no
Insurance Required:
none
12/14/16 NEW COST CENTER ADDED $30,000.00
REVIEWED BY:
Heather Carruthers Completed 11/29/2016 10:20 AM
Bob Shillinger Completed 11/29/2016 4:46 PM
Kathy Peters Completed 11/29/2016 5:02 PM
Board of County Commissioners Pending 12/14/2016 9:00 AM
4EGOIX4K