HomeMy WebLinkAboutItem P08 P8
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE Mayor James K.Scholl,District 3
The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2
Craig Cates,District 1
David Rice,District 4
Holly Merrill Raschein,District 5
Board of County Commissioners Meeting
April 16, 2025
Agenda Item Number: P8
2023-3853
BULK ITEM: No DEPARTMENT: County Attorney
TIME APPROXIMATE: STAFF CONTACT: Gaelan Jones
N/A
AGENDA ITEM WORDING: Approval to Renew Property and Boiler & Machinery Insurance
policies for 2025-26 at a Total Cost of$2,954,648.
ITEM BACKGROUND:
Monroe County's property insurance coverage expires on May 1, 2025. This item seeks to renew
coverage for 2025-26 at a total cost of$2,954,648. This represents a reduction of program cost in the
amount of$449,390 (13.2%) from the 2024 fiscal year.
The current property insurance program is comprised of a Primary Policy ($50M limit segregated into 3
layers of coverage) and a Parametric Windstorm Policy($5M limit with coverage varying by
geographic area and strength of named windstorm event). The renewal provides replacement cost
property insurance coverage for County buildings, contents, communication towers and contractors
equipment with a current reported value of$319,865,653. A separate layer of supplemental coverage is
also provided for certain locations through Citizens, the cost of which is not included in this agenda
item.
This renewal also includes boiler and machinery coverage through a separate policy issued by the
Hartford Steam Boiler Inspection and Insurance Company with limits of$100 million and a per
incident deductible of$5,000 except for damage to Air Conditioning and Refrigerating Equipment
which has a $25.00 per HP deductible (Minimum $5,000). This coverage is being primarily purchased
to obtain State required inspections of 4 pressure vessels located at the Detention Center on Stock
Island. The annual premium for this coverage is $16,947.80, which represents a decrease of$480.86 (-
2.76) from the 2024 premiums.
2652
PREVIOUS RELEVANT BOCC ACTION:
Approval.
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
2025 Monroe County Property Proposal as of 3.31.2025-I.xlsx
April 16 BOCC Presentation.pdf
FINANCIAL IMPACT:
Effective Date: 5/1/25
Expiration Date: 4/30/26
Total Dollar Value of Contract: $2,954,648
Total Cost to County: $2,954,648
Current Year Portion: $2,954,648
Budgeted: Yes
Source of Funds: 503-08502-00054
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
2653
Additional Details:
2654
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