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SEP 22 1902now 87 fA:: X03 <br />WATERS RISK MANAGEMENT <br />7300 PARK STREET NORTH • SEMINOLE, FLORIDA 34647-4601 • <br />Allan Paul Waters, CPCU, CLU, ARM <br />Member. Soeiey of Risk Management Consunama <br />September 15, 1992 <br />To: Ms. Beth Jordan, Risk Manager <br />Indian River County <br />TELEPHONE (S 13) 397-8668 0 FACSIMILE (813) 397-3888 <br />J. Hayden Knowlton, CPCU, ARM <br />Member. Society of Risk ManagertreM Consuitants <br />From: Hayden Knowlton CPCU,ARM and Al Waters CPCU,CLU,ARM <br />Re: Purchase Recommendation <br />1992 Property/Liability/Workers Compensation Insurance/ <br />Self -Insurance and Third Party Administration Services <br />This is our report and purchase recommendation on the County's <br />solicitation of competitive proposals for property/liability/ <br />workers compensation insurance/self-insurance and third party <br />administration services for 1992-93. <br />BACKGROUND <br />This summer the County solicited competitive proposals from a <br />variety of agents and insurers through a formal RFP process. <br />Waters Risk Management prepared the RFP. On September 1, the <br />County received an good response and one copy of each proposal <br />was mailed to us for review. <br />18 proposals were received, including it property/liability and 7 <br />claims administration proposals. The proposals were reviewed, <br />clarified and verified with agents and insurers, and spreadsheets <br />were .prepared to summarize the options. <br />PURCHASE RECOMMENDATION <br />Property - Buildings/Personal Property/Heavy Equipment/Water- <br />craft/Extra Expense/Valuable Papers <br />The proposal by Affiliated Factory Mutual Insurance Company <br />through Schwab & Company appears to provide the broadest coverage <br />at the best premium. It is subject to a $2,500 deductible on <br />property, a $1,000 deductible on heavy equipment and a $500 <br />deductible on watercraft. The policy includes the perils of <br />flood and earthquake. <br />The $60,357 annual premium compares to $176,040 the County is <br />currently paying for property insurance with higher deductibles. <br />Crime <br />The crime coverage proposed by the Florida Municipal Insurers <br />Trust through the Florida League of Cities is recommended. It <br />has $250,000 of faithful performance coverage, with a separate <br />48 <br />