9/28/1993 - Laserfiche WebLink

Home Browse Search

Fr— SEP 60 8 1993 BOOK 90 PAGE 659 By contrast, Schwab has proposed a consortium made up of General Star Indemnity Company, Royal Insurance Company, Lexington Insurance Company, Westchester Insurance Company, Royal Indemnity Company and Fireman's Fund Insurance Company. Again, there is a $5,000.00 deductible for most losses, but windstorm carries a $500,000.00 deductible. In addition, the proposed premium is $457,038.23. Besides the obvious premium costs, staff is also concerned about claims handling with such a large number of insurers. Although their proposal is layered, that is, General would take the first $2 million of loss, followed by Royal and Lexington jointly sharing the next $3 million layer, etc., we see this as a potentially chaotic situation in the event of a large loss. Due to the complexity of this proposed program and the reluctance of any one carrier to commit to a layer of coverage without a similar commitment from other carriers, it was sent by facsimile on September 17 with a hard copy to follow. Copies of both the League and Schwab consortium proposals are available in the Risk Management office. We have been assured both by the League and Schwab that the dramatic increase in premium will be short-term, with premium decreases by next year, unless there is another catastrophic natural disaster in Florida. Recommendation Staff recommends property, inland marine and boiler/machinery coverage be placed with the Florida Municipal Insurance Trust, Florida League of Cities, at , a premium of $200,965.00 for 1993-94. ON MOTION by Commissioner Adams, SECONDED by Commissioner Eggert, the Board unanimously approved insurance coverage with Florida Municipal Insurance Trust, Florida League of Cities, at a premium of $200,965 for 1993-94, as set out in staff's memorandum. AMENDMENT TO FBIP GRANT AGREEMENT - ROUND ISLAND PARR IMPROVEMENTS The Board reviewed memo from Capital Projects Manager Terry Thompson dated September 21, 1993: 20