Item P07 P.7
G BOARD OF COUNTY COMMISSIONERS
County of Monroe Mayor Sylvia Murphy,District 5
The Florida.Keys l'U � � Mayor Pro Tern Danny Kolhage,District 1
�pw° Michelle Coldiron,District 2
Heather Carruthers,District 3
David Rice,District 4
County Commission Meeting
May 22, 2019
Agenda Item Number: P.7
Agenda Item Summary #5494
BULK ITEM: Yes DEPARTMENT: Risk Management
TIME APPROXIMATE: STAFF CONTACT: Maria Slavik(305) 295-3178
N/A
AGENDA ITEM WORDING: Approval of renewal of Primary Windstorm Insurance Policy with
a premium of $753,872.00 from Citizens Property Insurance Corporation and for the Risk
Administrator to sign all necessary forms.
ITEM BACKGROUND: The County currently has a Primary Windstorm Insurance Policy
providing coverage on 44 of its buildings and contents from Citizens Property Insurance Corp., that
expires on May 29, 2019. This Windstorm Policy is purchased to supplement the windstorm
coverage contained in the County's Master property insurance policy. The Master Policy provides
Named Windstorm coverage with limits of $10 million and a deductible of $1,000,000.00 per
occurrence/per location. The County also carries a Wind Policy for East Martello with
$1,000,000.00 coverage and a 5% deductible.
This renewal Primary Windstorm Policy annual premium is $753,872.00. The building limits
insured are $29,358,079 for a premium of$532,887, and the total Contents (business personal
property)limits insured are $7,729,447.00 for apremium of$112,828.00. Fees and assessments total
is $108,157.00.
PREVIOUS RELEVANT BOCC ACTION: On 5/16/2018, the BOCC approved the current
Windstorm insurance proposal.
CONTRACT/AGREEMENT CHANGES:
This is an increase of$775.00 (less than 1%) compared to the County's 2017-2018 premium. The
new renewal dates are 5-29-19-5-29-20.
STAFF RECOMMENDATION: Staff request the Board to approve the renewal of the County's
Primary Wind coverage as being proposed by Citizens.
DOCUMENTATION:
INTERISK CORPORATION RECOMMENDATION LETTER
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P.7
FINANCIAL IMPACT:
Effective Date: 5/29/19
Expiration Date: 5/29/20
Total Dollar Value of Contract: $753,872.00
Total Cost to County: $753,872.00
Current Year Portion: $753,097.00
Budgeted: Yes
Source of Funds: Internal Service Fund/Primarily Ad Valorem
CPI: N/A
Indirect Costs: N/A
Estimated Ongoing Costs Not Included in above dollar amounts: N/A
Revenue Producing: No If yes, amount:
Grant: N/A
County Match: N/A
Insurance Required: N/A
Additional Details:
05/22/19 503-08502 - RISK MGMT INSURANCE $753,872.00
REVIEWED BY:
Cynthia Hall Completed 05/03/2019 4:05 PM
Bob Shillinger Completed 05/03/2019 4:22 PM
Budget and Finance Completed 05/05/2019 10:44 AM
Kathy Peters Completed 05/06/2019 10:47 AM
Board of County Commissioners Pending 05/22/2019 9:00 AM
Packet Pg. 2662
INTERISK CORPORATION
Consultants 1111 North Westshore Boulevard
Suite 208
Risk Management Tampa, FL 33607-4711
Employee Benefits Phone (813) 287-1040
Facsimile (813) 287-1041
April 23,2019
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Ms.Maria Slavik,CPM
Risk Administrator U)
Monroe County
i I 11 12"1 Street
Suite 408
Key West,Florida 33040 w
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Subject: Renewal of Citizens Wind Policy -j
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Dear Maria:
The County currenthr purchase: Primary Mind Coverage on approximately 44 of its buildings and Z
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contents from Citizens Property Insurance Corporation. This policy is purchased to supplement the
wind coverage contained in the County's plaster Property Policy. The 2018/19 policy provided 0
Named AIndstorm coverage with firniu of$5 million and a deductible of$1 million per U
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occurrence/per location, At their April 17,h meeting the BOCC approved increas;ing the Named W
Windstorm coverage to$10 million with the deductible remaining at$1 million per occurrence/per Z
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location. . Citizens provides up to$1 million of coverage for each building scheduled on the policy
subject to a deductible that amounts to approximately 0-o of the Imured Value of the building(s)
damaged. The County paid an annual premium of$753,097 for their 2018/19 policy- that expires on 0
May,29,2019.
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Citizens has issued their renewal notice for the 2019/20 policy term reflecting a premium of
$753�,872. This repre�wnts,an increase of$775 than compared to the County's 2018/19
premium. w
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The following table reflects the cumulative Emits for the County's Buildings and Contents coverage 4i
and the premiums for each classification of coverage.
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.............. -—---------------------- ... ................ ....................................................
Item Limits Premium (U
................................ ....................................................-- Z
$29,358,079 $532,887
................. ..................
Contents $7,729,447 112,828
mom......... ......................................
s and Assessments 108,157
Total $37,087,526 $753,872
L .........—1 .....................
It is recommended that the ounty renew its Primary NXIind coverage as being proposed by Citizens
for the policy period of 5/29/19 to 5/29/20.
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Please do not hesitate to call if you have any questions or concerns.
Cordially,
INTERISK CORPORATION
Sidney G.Webber
CPCU,ARIM
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Packet Pg. 2664