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Indian River County Board of County Commissioners Gailagher
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<br />value within the Statement of Values and which location. We will ask them to agree to
<br />provide coverage for the locations where the values are being reported.
<br />4. Specific Carrier Non-Concurrencies —While most markets require additional forms/endorsement
<br />on their specific policies, a full list of non -concurrent endorsements/form will be included in the
<br />final proposal. To date, we have only received three quotes.
<br />Currently were using 7% of capacity from Argo Bermuda. They are considered an "alien" insured.. Asa
<br />result, you we will be billing and collecting FET tax of 4% with the Federal Government.
<br />Utility Historical Overview
<br />Named Storm M
<br />$30,000,00
<br />$30,000,0001
<br />$30,000,0001
<br />$20,000,0001
<br />$20,000,0001
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<br />Description
<br />2022
<br />2023
<br />Policy Limit — Any One Occurrence
<br />$60,000,000
<br />$60,000,000
<br />Earth Movement — Aggregate
<br />$25,000,000
<br />$25,000,000
<br />Flood (including storm surge) -
<br />Aggregate
<br />$10,000,000
<br />$10,000,000
<br />Special Flood Hazard Area — Aggregate
<br />$1,000,000
<br />$1,000,000
<br />Named Windstorm — Any One
<br />Occurrence
<br />$30,000,000
<br />$20,000,000
<br />2024 Utility Renewal Overview
<br />The County's renewal is based on a total insured value of $261,286,540; a .83% increase in values.
<br />Star's premium increase is 10.29%. The rate is approximately 35% less than the Non -Utility Tower. As
<br />Starr continues to push the rate, we will have to consider in the future rolling the values back into the
<br />Non -Utility Tower and increase the Named Windstorm and Flood limits.
<br />In 2023, the carrier mandated schedule coverage therefore, recoveries will not exceed the amount
<br />reported on your statement of values for the asset or item damaged. We recommend spot appraisals
<br />and/or full appraisals to obtain blanket coverage in the future.
<br />Flood
<br />The Starr Tech Utility Property program includes $1,000,000 Aggregate in Special Flood Hazard Area
<br />(SFHA). The County Utility schedule has $35,133,145 in SFHA. In 2020, we recommended the County
<br />purchase a blanket flood coverage for four specified buildings at South Central WWTP the renewal
<br />premium is $10,220. This is an 3.83% increase. This policy is primary and provides an additional
<br />$1,250,500 in additional flood limit, and includes a $25,000 Per Building Deductible. Two buildings under
<br />this policy do not carry the maximum limit available under the Flood program. We recommend amending
<br />the two buildings under the maximum limit to match the values CBIZ submitted. This would increase the
<br />value by $74,000. We estimate the cost to be an additional $1,200.00, please confirm we have
<br />permission to proceed with the building changes.
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