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V <br />MrAerrillLynch <br />May 7, 1986 <br />Mr. Charles Vitunac <br />County Attorney <br />Indian River County <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Re: Oyster Pointe Homeowner's Association <br />Oyster Bay Homeowner's Association <br />Dear Mr. Vitunac: <br />�61c�9� <br />AWAY 1986 <br />cry <br />Z�q <br />After several telephone conversations with Mr. Bill Pace of the State of <br />Florida and you, enclosed please find a photocopy of Florida Law, Chapter <br />627.351 for your reference. You will please note that Paragraph 2 discusses <br />Windstorm Insurance Risk Apportionment. <br />By this letter, we are requesting Indian River County set up a public <br />hearing to request the enlargement of the State of Florida Windstorm <br />Territory in Indian River County. Currently, all of the property along AlA <br />is within the Windstorm Pool.area. However, anything west of the <br />Intercoastal Waterway is not included. We need to -extend that territory to <br />read anything west of_AiA, up to U.S. Highway 1.. <br />The reason for this is that the current insurance marketplace is such that <br />any structure that is frame outside city limits will have trouble obtaining <br />Windstorm insurance as the insurance companies feel that, in addition to <br />their being a high risk from fire loss, there is a high risk from Windstorm <br />loss -and they will not accept this. The following is a list of insurance <br />companies who have turned down Fire and/or Windstorm coverage for the <br />captioned customers; Aetna Casualty & Surety Company, Agricultural Excess <br />Insurance Company, American States Insurance Company, Chubb & Son, <br />Continental Insurance Company, Crum & Forster Insurance Group, Great <br />American Insurance Company, Appalachian Insurance Company, CIGNA, Kemper <br />Insurance Company, American International Group, New Hampshire Insurance <br />Company, Reliance Insurance Company, St. Paul Insurance Company, CNA, <br />Hartford Accident & Indemnity Company, South Carolina Insurance Company, The <br />Travelers Insurance Company (for Windstorm only). <br />At a very expensive cost, we are able to get Windstorm coverage up to <br />$1 million per occurrence and per aggregate through Swett & Crawford. <br />However, this cost would run approximately $100,000 in premium for Windstorm <br />coverage only. <br />With the territory being expanded, we.could to obtain Windstorm coverage in <br />the amounts they need at a reasonable price. <br />As you can imagine, the two captioned Homeowner's Associations are most <br />concerned that in the event of a hurricane with no insurance, there would be <br />the possibility they would not be able to raise the money to rebuild the <br />structures. I am certain this would be of concern to Indian River County. <br />Please review this and, if need be, I will be more than happy to drive over <br />to meet with you. However, time is of the essence as it will take the State <br />of Florida two to three weeks to consider your request for the meeting. To <br />refresh your memory, I have been speaking with Mr. Bill Pace at (904) <br />487-2161. He has advised me that Brevard County is also in the process of <br />doing the same thing as we are requesting Indian River County to do. <br />I look forward to hearing from you promptly. Thank you for your attention <br />to this matter. <br />Very truly yours, <br />Carolyn M.`Miller <br />MAY 21Ai t Executive <br />LZ <br />73 <br />BOOK.F,aE53 <br />J <br />