Item O8 o.$
County of Monroe P W
;� w 1rJ� BOARD OF COUNTY COMMISSIONERS
r,�� Mayor Craig Cates,District 1
The Florida Keys Mayor Pro Tem Holly Merrill Raschein,District 5
y Michelle Lincoln,District 2
James K.Scholl,District 3
Ij David Rice,District 4
County Commission Meeting
February 15, 2023
Agenda Item Number: 0.8
Agenda Item Summary #11698
BULK ITEM: No DEPARTMENT: County Attorney's Office
TIME APPROXIMATE: STAFF CONTACT: Brian Bradley (305) 295-3177
N/A
AGENDA ITEM WORDING: Discussion and direction of policy regarding the current named
storm insurance levels carried by the County and discussion of raising these limits closer to standard
levels.
ITEM BACKGROUND: The Risk department will present information outlining the current
named storm insurance levels currently carried by the County and the damage taken in our
Hurricane Ian claim.
This presentation will include a set of recommendations related to the County's existing policies
that are related to these issues and seek further direction from the Board of County
Commissioners.
CONTRACT/AGREEMENT CHANGES:
Presentation
STAFF RECOMMENDATION: N/A
DOCUMENTATION:
Presentation
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Packet Pg. 2596
o.$
Current Year Portion:
Budgeted:
Source of Funds: N/A
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: No
County Match: No
Insurance Required: No
Additional Details:
09/21/22 503-08502 - RISK MGMT INSURANCE $139,209.37
REVIEWED BY:
Brian Bradley Completed 01/28/2023 1:16 PM
Cynthia Hall Completed 01/28/2023 3:17 PM
Bob Shillinger Completed 01/30/2023 1:21 PM
Purchasing Completed 01/30/2023 1:34 PM
Budget and Finance Completed 01/30/2023 2:01 PM
Lindsey Ballard Completed 01/30/2023 2:08 PM
Board of County Commissioners Pending 02/15/2023 9:00 AM
Packet Pg. 2597
Ad
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OVERVIEW OF INSURANCE LAYERS
as they pertain to named storm coverage
Primary Property
Policy
03 96 Buildings
Citizens Wind
J
coverage
0
PRIMARY PROPERTY POLICY
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PrirnaryProperty
Policy
��� 968uUdings
-- - — $2'079.465
The main property program insures approximately 08buildings.
The value Of these buildings are approximately$22Omillion.
Any claim under the main property program (named storm)
would be$1 million per000urvenoe/por location.
There are presently 45 buildings and the EMAG system
above this threshold.
CITIZENS WIND COVERAGE
Citizens Wind
coverage
50 Buildings
The County also purchases Citizens Wind coverage o,
NFIP FLOOD POLICIES
NFIP Flood policies
01
The County purchases approximately ,sNFO Flood policies.
WHY IS MORE INSURANCE NEEDED'
Hurricane Ian and EMAS Damage at The Airport
Engineered Material Arresting System (EMAS)
EMAS uses crushable material placed at the end of a runway to
stop an aircraft that overruns the runway. The tires of the aircraft
sink into the lightweight material and the aircraft is decelerated
i
as it rolls through the material.
RThe two EMAS Systems at the airport have a total cost of
11.6 million dollars.
the combined loss of one EMAS bed (7.6 million) and damages to
Higgs� Hi s Beach totaled a ten million dollar loss to
our Primary Property policy.
i
i
THE COST OF INSURANCE IN 2023
Hurricane Ian and EMAS Damage at The Airport
CURRENT COSTS OF NAMED STORM INSURANCES
PRIMARY PROPERTY POLICY
$2,079,465
CITIZENS WIND COVERAGE
$1,184,559
NFIP FLOOD POLICIES
$353,419
TOTAL
$3,617,443
DUE TO THE 2022 STORM SEASON IT IS LIKELY WE WILL SEE A 40% INCREASE IN PREMIUMS.
2023 TOTAL
$5,064,420
$10,000,000 ADDITIONAL NAMED STORM COVERAGE COST
$1,000,000
TOTAL WITH ADDITIONAL 1OM COVERAGE FOR 2023
$6,064,420