Item C31AGENDABOARD OF COUNTY COMMISSIONERS
ces
Bulk Item: Yes No Deputment ' :3{ ::: • v!11 wit I::
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LIJLi-1-1111-1
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STAW RECOMMENDATIONS Approval to renew the policy as submitted by Marsh
InsuranceCompany r the period of
TOTAL COST: $76,436 BUDGETED: Yes --2L No
!ST TO COUNTY: • • SOURCE OF I m: +i k' 1.
Pri
�m�aril Ad Valorem
REVENUE PRODUCING: Yes No X AMOUNT PER MONTE(_ year
APPROVED BY: County Attyj/0�"�- g Risk Managexnent�'/,
WOCUMSMATION: Included Not RaDiired
TI`ION: AGF.NDA rUM
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MONROE COUNTY• l OF • •' 1 1 !
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Contract, -Marsh USA, Inc. contract #
Effective
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Pollution Liab Insurance Renewal
COnftd
Manager: : :rMaria
r
mPloyee Services
TOW Dollar Value Of Contact: $ • • :Currentyearportion:72,334.00
Budgcted? Yeso No premium)
♦ • , '
county Match:.
For.
Changes
Division Director Date In Needed ewer
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a
Date Out
Risk Management
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Form 2/2?/OI
INTERISK CORPORATION
Risk Management
Employee Benefits
March 25, 2014
Ms. Made Slavik, CPM
Risk Administrator
Monroe County
1100 Simonton St.
Suite 268
Key West, Florida 33040
•
1111 North Westshore Boulevard
Suite 208
Tampa, FL 33007.4711
Phone (813) 287-1040
Facsimile (813) 287-1041
The County's Polludon Liability r'OVMPis scheduled to on May I, 2014.
®coverage
is by Iromh� SPec�tY Insurance Companywith USA serving as the y tit s broker.
Policy was wften on a 3 year basis Way 1, 2011 to May I, 2014} thg provided overall
of $5,000,000 incidentand $5,000,000 Policy . The policy is subject to a $50,000 per
Incidentdeductible. Coverage extends to the following locations:
> Marathon Airport
> Key West Airport
9 Arnold Airport Termmal. Annex
D Key Lap Landfill
D Mound 1, MM68, Long Key, FL
> Mound 2 MM68, Long Key, FL
b 2,000 gallon diesel tank located at 500 Whitehead Street, Key West
b 4,000 gallon diesel tank located at 530 Whitehead Street, Key West
b 10,000 gallon diesel tank located at 1200 Truman Avenue, Key West
b 10,000 gallon diesel tank located at 1100 Simonton Street,
ta
ey West
b 2,500 gallon diesel I at 88820 US Hwy #1, Pn Key
b 12,000 gallon diesel tank located at 5501 College Road, Stock Island
4 81000 on diesel tank located at 5525 College Road, Stock Island
a2,500 gallon diesel tank located at 28 Emerald Drive, Big caPPth
2,500 gallon diesel tank located at MM99.5 Peat Drive, Key
Lap
When the policy last renewed (511111) the 3 year premium was $72,334.00. A 3 year policy was selected
to take advantage of a relatively soft Pollution Liability markeL
Marsh has marketed the County's Pollution Liability coverage and received sals from the following
f • 1 : : :�
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7U ACE and Ala proposals wen not viewed as
1 Y:•. 11 f •r, !: ! 1
:11 1..1 1 •
TrOnSh
ore has offered to renew the County's Pollution Liability coverage with policy term and conditions
with those of the expiring policy for a 3 yea premium
of $76,436.00. This an
kcrease in the C 's um of $4,102 (5°67%). The Pollution Liability market remains relatively soft and a 3 year policy continues to offer the County with the most competitive option. Wye hvmbore is
seeking higher it has to be remembered that the last Premium was established 3
years ago.
Ironshore did offer a 1 year policy option at an annual premium of $44,015°00. Assuming that this premium
would remain cOnstaot for the next 3 y (which is do ), the County would ultimately pay
$132,045.00 compared to $76,436.00 over the next 3 years for this coverage if the I
se It is therefore ended that the 1' option were
year option be elimmated from finther consideration.
It is recommended that Monroe County renew its Pollution Liability insurance with re Specialty
Insurance Company for the policy term of 511114 to 5/1/17 for a 3 year Premium of $76,436.00 as
proposed by Mmh USA.
Please give me a call ifyou have any questions or wish to disc= thisissue to more detall.
• 1 .
CCU Teresa