Item D3D.3
BOARD OF COUNTY COMMISSIONERS
C ounty of M onroe
Mayor Sylvia Murphy, District 5
Mayor Pro Tem Danny Kolhage, District 1
TheFloridaKeys
Michelle Coldiron, District 2
Heather Carruthers, District 3
David Rice, District 5
County Commission Meeting
February 20, 2019
Agenda Item Number: D.3
Agenda Item Summary #5180
BULK ITEM: Yes DEPARTMENT: Risk Management
TIME APPROXIMATE: STAFF CONTACT: Maria Slavik (305) 295-3178
N/A
AGENDA ITEM WORDING: Approval for the Mayor to sign the Settlement and Release
Agreement between Monroe County Board of County Commissioners and Lloyd's London in the
amount of $3.5M as final payment for damages caused by Hurricane Irma.
ITEM BACKGROUND: At the time of Hurricane Irma, the County had two Master Property
(primary property) insurance policies with a cumulative coverage limit of $5 million. The policies
included a sublimit for wind claims in the amount of $5 million per occurrence. One policy was
T
to the Underwriters. The Underwriters paid an initial amount of $1.5 million, and is now ready to
pay the other $3.5 million.
PREVIOUS RELEVANT BOCC ACTION: N/A
CONTRACT/AGREEMENT CHANGES:
None
STAFF RECOMMENDATION: Approve and sign the Release.
DOCUMENTATION:
Settlement and Release Agreement
FINANCIAL IMPACT:
Effective Date: N/A
Expiration Date: N/A
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D.3
Total Dollar Value of Contract: $0
Total Cost to County: $0
Current Year Portion: N/A
Budgeted: N/A
Source of Funds: N/A
CPI: N/A
Indirect Costs: None
Estimated Ongoing Costs Not Included in above dollar amounts: N/A
Revenue Producing: If yes, amount:
Grant: N/A
County Match: N/A
Insurance Required: N/A
Additional Details:
N/A
REVIEWED BY:
Maria Slavik Completed 02/04/2019 10:31 AM
Bob Shillinger Completed 02/04/2019 10:58 AM
Cynthia Hall Completed 02/04/2019 5:53 PM
Budget and Finance Completed 02/05/2019 11:03 AM
Kathy Peters Completed 02/05/2019 12:22 PM
Board of County Commissioners Pending 02/20/2019 9:00 AM
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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D.3.a
Attachment: Settlement and Release Agreement (Lloyd's London Settlement & Release)
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