HomeMy WebLinkAboutItem P4 P4
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
September 10, 2025
Agenda Item Number: P4
2023-4512
BULK ITEM: No DEPARTMENT: Risk Management
TIME APPROXIMATE: STAFF CONTACT: Gaelan Jones
N/A
AGENDA ITEM WORDING: Approval for Risk Manager to Change Agent of Record for County
Flood Insurance Policies to Southernmost Insurance; Waiver of Purchasing Policy.
ITEM BACKGROUND:
Monroe County has various flood policies that insure buildings and contents scheduled on the policies
for damage resulting from the peril of Flood. Coverage is provided by the National Flood Insurance
Program (NFIP). Monroe County obtains these flood policies through an Agent of Record (AOR)who
brokers and administers policies from authorized insurers on the County's behalf. Currently, the
County's AOR for Flood Policies is Porter Allen. Risk Management requests authorization to transfer
AOR responsibilities to Southernmost Insurance.
No fee will be charged to change the County's AOR for flood policies. The AOR is compensated for
their services through a fixed commission paid as part of the premium on each policy purchased by the
County annually. Based on the policy premium historically paid by Monroe County for flood insurance,
the annual commission earned by the AOR is approximately $79,000.Under NFIP regulations,
specifically 44 CFR 62.6, the rate of commission earned by AORs on flood insurance policies is fixed
by federal statute and will not vary with a change in AOR. Given the highly-regulated nature of
commission earned for brokerage of flood insurance, Risk Management requests a waiver of
procurement requirements prescribed by Monroe County Purchasing Policy.
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
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STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
County Flood AOR.pdf
FINANCIAL IMPACT:
Budgeted?Yes
Budget Code: 503-53450-08502-00054
Contract Value: N/A (—$79,000 paid in commission through routine acquisition of flood insurance)
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10100 Overseas Hwy., Marathon, FL 33040
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aorchanges@weareflood.com
Fax 1-866-252-5770
Phone 1-833-941-0106
Policy Number(s) or Attach Schedule A Insured Name
09 1150477581 15 Monroe County BOCC
Please be advised that we wish to name Southernmost Insurance Ageny, Inc 48396
Agency Name Code#
❑ Renewal As our exclusive representative for the policy(ies) shown above. Changes will be
completed on the renewal term if they are received by the processing center prior to
the current term expiration date or prior to payment received whichever is later.
This authorization replaces any other authorization that may have been previously
completed for any other insurance representative for the above policies.
❑✓ Midterm As the accepting agent of record and agency, we understand and agree that by
accepting this/these policy(ies), we are responsible for servicing the policy(ies)
upon completion of the transfer process, and that each policy and all accounting
and claims record will be transferred. We also acknowledge and agree that we
accept all responsibility and/or liability associated with each transferred policy
now known, or discovered in the future. We further acknowledge that this transfer
could result in negative or positive commissions.
INSURED SIGN AGENT SIGN X br Gz9� �7 7��1X/1
TITLE (if applicable) TITLE (if applicable) Sr. Account Executive
Date (mm/dd/yy) Date (mm/dd/yy)
*If not insured signing, proper documentation showing power of attorney must accompany request.
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Flood
The National Flood Insurance Program recently changed how insurance premiums are calculated.
As a result, additional information is required to ensure the accuracy of your policy's renewal rating.
Please note the requested information below is needed prior to the billing of your policy's
renewal. If the information isn't received in time, there will be a change in the policy's rating.
• Name of Insured: Monroe County BOCC
• Policy Number: 09 1150477581 15
• Building Square Footage:
• Number of Floors: (Do not include basements, crowlspoce,or enclosures)
• Number of Elevators:
• Number of Units: (Single Family, Residential Mobile Home,Non-Residential Mobile Home = 1 unit)
• Floor of Unit: (Only required if Building Occupancy is Residential or Non-Residential Unit)
• Building Replacement Cost: (Including the cost of the foundation)
• Number of Detached Structures:
• Construction Type: (Only required for Single Family Occupancy)
❑ Frame
❑ Masonry
❑ Other
• Is the Machinery and/or Equipment(Furnace, Water Heater, etc.) elevated above the first floor?
❑ Yes
❑ No
Please Note: If the updated information is received within 60 days of the policy expiration, please
advise the payor of the policy to remit the payment on the original renewal notice, as a revised renewal
offer may not be generated before the expiration. Should this information result in a lower premium,
a refund will be generated. To determine how these changes affect the policy premium during the
interim, you may quote the policy as a renewal conversion.
31412022 Rev.
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