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4�n Q <br />MAR 5 1986 BOOR 63 F.»E 819 <br />AUTOMOBILE & EQUIPMENT FLOATER INSURANCE <br />The Board reviewed the following -memo dated 2/26/86: <br />TO: Honorable Board of County <br />Commissioners <br />FROM: Joseph A. Baird <br />OMB Director <br />DATE: February 26, 1986 FILE: <br />SUBJECT: Automobile & Equipment <br />Floater Insurance <br />REFERENCES: <br />Indian River County had a large, unanticipated, increase in the automobile in- <br />surance from $62,900 to $198,432 annually. This increase of 215% or $135,523 has <br />required staff to look at alternative insurance policies. The County has received <br />a proposal from the League of Cities in the amount of $127,224. The proposal sub- <br />mitted includes the equipment floater and is $71,208 less, annually, than what we <br />pay presently, however, the cost differential for the current 1985/86 fiscal year <br />would only be $20,133.80. <br />Current Automobile Insurance (Through 03-31-86) $109,140.00 <br />Penalty for Cancellation (198,432. - 109,140.)x .10 8,929.20 <br />Current Equipment Floater (Through 03-31-86) 8,777.00 <br />Penalty for Cancellation (12,536. - 8,777.)x .10 376.00 <br />League of Cities Policy (04-01-86 to 09-30-86) 63,612.00 <br />TOTAL $190,834.20 <br />Current Automobile Insurance Policy $198,432.00 <br />Current Equipment Floater Policy 12,536.00 <br />Less: Cost if we change Insurance Policies _190,834.20 <br />SAVINGS $ 20,133.80 <br />RECOMMENDATION: <br />Staff recommends the Honorable Board of County Commissioners accept the <br />automobile insurance proposal submitted by the League of Cities in the amount <br />of $127,224 and authorize staff to cancel our existing policies. <br />31 <br />