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Indian River Countv BOCC <br />Execultive Summary (Cont.) <br />In addition to the premium savings, we were able to negotiate several major enhancements to the <br />Property insurance coverage. <br />i <br />i <br />1) Two Year Rate Guarantee <br />The rate guarantee is based on no material exposure change and the loss ratio remaining less than 40%. A <br />copy of the entire agreement is contained within the Coverage Form included within the Proposal. <br />2) Reduced All other Peril Deductible from $250,000 to $100,000. <br />3) Deleted the Flood Zone V exclusion <br />4) Created a manuscript Coverage Form — Lexington, which has been the primary Property carrier for the County <br />for years, decided to no longer provide the Hurricane Deductible. Westchester will now be the lead Property <br />carrier in the Primary Property layer and our underwriter is Jim Aiken, who you may recall was our original <br />underwriter with Lexington a few years ago. <br />With this change in carriers, we found this to be an excellent time to create the Manuscript Coverage Form, which <br />is easier to read, has fewer endorsements as well as provides broader policy terms and sublimits. We have <br />included the 'draft' Coverage Form within the Proposal as it is still a work in progress. Some of the enhanced sub - <br />limits include the following: <br />Coverage <br />2015-2016 <br />2016-2017 <br />Limited Pollution Coverage <br />$25,000 <br />$100,000 under Decontamination <br />& Cleanup Expense <br />Piers, wharves & docks <br />$250,000 <br />Not limited to a sublimit but it <br />should be itemized on the SOV — <br />please revise the SOV if there are <br />any not shown that the County <br />would like to insure. <br />Expediting Expense <br />n/a <br />$5,000,000 <br />Debris Removal <br />$7,500,000 <br />$10,000,000 <br />Fungus/Mold Resultant Damage <br />$1,000,000 <br />$2,000,000 <br />Loss Adjustment Expenses <br />$25,000 <br />$1,000,000 <br />5) Included a sublimit for Underground equipment of $500,000 regarding our discussions regarding the fiber <br />optics. j <br />6.) Added the "separate unit of insurance" deductible — Previously, the deductible was based on the total <br />insurable values as shown on the Statement of Values. Therefore, if a building was valued at $3,000,000 and <br />contents were valued at $1,000,000, the Hurricane Deductible was based on the total of $4,000,000. <br />F..ii�'F'.vYs*-+:i`:i <br />• I <br />