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Item O10 0.10 County f � .�� ",�, 1 BOARD OF COUNTY COMMISSIONERS Mayor Craig Cates,District 1 Mayor Pro Tem Holly Merrill Raschein,District 5 The Florida Keys Michelle Lincoln,District 2 James K.Scholl,District 3 David Rice,District 4 County Commission Meeting April 19, 2023 Agenda Item Number: 0.10 Agenda Item Summary #11992 BULK ITEM: No DEPARTMENT: County Attorney's Office TIME APPROXIMATE: STAFF CONTACT: Brian Bradley (305) 295-3177 N/A AGENDA ITEM WORDING: Approval of renewal of Primary Windstorm Insurance Policy with a premium not to exceed $1,711,384.50 (+50% increase) from Citizens Property Insurance Corporation and authorization for the Risk Manager to sign all necessary forms. This also includes the East Martello Tower Citizens policy. ITEM BACKGROUND: The County currently has a Primary Windstorm Insurance Policy providing coverage on 43 of its buildings and contents from Citizens Property Insurance Corporation that expires on May 29, 2023. 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. The policy would provide coverage from May 29, 2023 until May 29, 2024. The payment is due June 24, 2023. The County could also pay in quarterly installments with a 4% charge. This renewal Primary Windstorm Policy annual premium is estimated to be $ 1,540,246.00. This represents an increase of$399,323 (+35%) compared to the County's 2022/23 premium. The building limits insured are $30,871,079 for a premium of$759,883, and the total Contents (business personal property) limits insured are $7,693,447.00. Policy Period 23/24 22/23 % Increase Premium $1,540,246.00 $1,140,923 35.00% This 35% sizable increase has been brought on by Hurricane Ian's effect to the market and the withdrawal of reinsurers to the Florida insurance market. Packet Pg. 3034 0.10 The current estimate is projected to be a 35% increase. However, the County is still waiting on final firm figures. County staff is therefore requesting authorization to proceed up to the"not to exceed" cap of a 50% increase. PREVIOUS RELEVANT BOCC ACTION: On 5/19/2022, the BOCC approved the current Windstorm insurance proposal. CONTRACT/AGREEMENT CHANGES: Insurance renewal STAFF RECOMMENDATION: Approval. DOCUMENTATION: Monroe County - Citizens Windstorm policy FINANCIAL IMPACT: Effective Date: 5/29/23 Expiration Date: 5/29/24 Total Dollar Value of Contract: NTE $1,711,384.50 Total Cost to County: NTE $1,711,384.50 Current Year Portion: $NTE $1,711,384.50 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: 06/24/23 503-08502 - RISK MGMT INSURANCE $1,540,246.00 REVIEWED BY: Brian Bradley Completed 04/03/2023 5:29 PM Cynthia Hall Completed 04/03/2023 6:01 PM Bob Shillinger Completed 04/04/2023 10:54 AM Purchasing Completed 04/04/2023 11:00 AM Packet Pg. 3035 0.10 Budget and Finance Completed 04/04/2023 2:59 PM Brian Bradley Completed 04/04/2023 3:15 PM Lindsey Ballard Completed 04/04/2023 3:38 PM Board of County Commissioners Pending 04/19/2023 9:00 AM Packet Pg. 3036 0.10.a From: Heather L Keller To: Bradley Brian Subject: Monroe County-Citizens Windstorm policy Date: Monday,April 03,2023 9:13:07 AM Attachments: image003.png imaoe004.onq image006.png imaoe005.onq image007.png CAUTION:This email originated from outside of the County. Whether you know the sender or not, do not click links or open attachments you were not expecting. N C� Brian, M N N The total cost for the 2022-2023 WIND policy with all the changes with Citizens is$1,140,923. We expect once the non-renewal is lifted and the renewal is processed, the premium increase will be in the range from 25-35%. This is an estimated percentage and can change once the renewal has been issued by Citizens. E 2 U) cL 0 CL Heather L Keller, CISR E Licensed Agent U) 1010 Kennedy Dr, Suite 300 Key West, FL 33040 a Office 2 305-296-5052, Ext. 112 1 ID�Direct��fir :�)05-2a�)6-���/2°Il0 .9 U) © southern mosti nsu ra nce.com U Disclaimer: Please be aware that we cannot bind or alter any type of coverage via the email system unless confirmed by an agent of Southernmost Insurance. All quotes are tentative, non-binding and subject to change after a complete underwriting workup. By submitting a quote request,you acknowledge and agree that this is neither an offer to insure not 0 a guarantee of insurance. No coverage shall be construed as bound, in-force,applied or assumed as a result of submission t3 of information. The final decision to issue a policy lies with the insurance carrier. This email and any attachment(s)are for the sole use of the intended recipient(s)and may be confidential and/or privileged. Any unauthorized use,disclosure or copying is strictly prohibited and may be unlawful. If you have received this communication in error, please immediately notify the sender by return email,and delete the message. c� Packet Pg. 3037