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4ru pow <br /> x .; u ' a s a y — ss{ ntk s > r6' ✓, e a.1 t •. � <br /> ^` £t' a <br /> ri _;, +, ,r hi `u,L. . r x,fi . b r + a spa ;". ;t, ,-`�.v �ws <br /> Properly Insurance <br /> The current and proposed FMIT <br /> eriv <br /> Property within '/- mile of coastal ps andn uraric , gxcludes coverage ler ail <br /> for wind damage whwar <br /> en property is ever mile but within if values deductible <br /> rom <br /> stal <br /> waters . In all other cases. the property deductible with FDAIT isl $25 000e f <br /> oaWh <br /> the majority of County owned property is considerably inland from the �% rn ; le <br /> While <br /> restricted area , over 55 , 000, 000 in values arc uninsured due to this limitation . <br /> The uninsured property locations include Property at a number of coastal narks, <br /> two firehouse locations and the Sea Oaks Wastewater and Water plants . Due to <br /> its location, this property is highly susceptible to windstorm damage <br /> The Gallagher package • <br /> a $ 100,C00 ro ° n the other hand, provides full wind caverege subject to <br /> Property self- insured retention, which applies to all property losses. <br /> This does represent an increased retention for non- wind related losses, however, <br /> the impro% ed coveraee in the event ofcatast;ophic hurricane- type circumstances <br /> is considered a key rationale of our recommendation . <br /> hrsarer Financial Slublliry <br /> The recommended Gallagher package includes coverage provided by the <br /> following insurers ,- <br /> Insurer <br /> United National Insurance Company A" r Ratnre <br /> Midwest Insurance Company } (Package) A+ <br /> ss Workers ' Compensation) <br /> Westchester Surplus Lines Insurance Company (Excess property) A <br /> Affiliated FM Insurance Company (Crime) <br /> A + <br /> The strong financial ratingsof the <br /> consideratrecommended insurers were a primary <br /> ion of Siver' s recommendation. <br /> There is current concern regarding FAIT as their net worth has decreased <br /> considerably in the last three years. F:VfIT's financial sraternent as of September <br /> 30, 1998 , reflected a net worth of $ 147 . 212, 949 and a small profit (about S2 5 <br /> million ) for the prior year ' s operations. Over the last two years, FAUT lost a total <br /> of 585, 299 , 483 and , as of September 30, 2000, had a net worth of S41 , 983 466. <br /> Based on annual written premiums of approximately $ 89 million with a surplus <br /> of approximately $42 million FMIT is will conse.-vatively fundd . But for the <br /> magnitude of the losses <br /> concerned . in the two prior years, we would note <br /> ebe particularly <br /> We have been advised, and have no reason not to full <br /> taken further, and as they describe ity believe, that FM[T has <br /> , unprecedented , corrective actiThis <br /> on. <br /> corrective action has included the non - renewal of coverage for certain members, <br /> the substantial withdrawal from the writing of health insurance (which was <br /> particularly financially disastrous), and the increasing of premium levels. They <br /> have also informally advised us that part of the loss last year was the result of <br /> their charging actuarial firms and a resultant increase in the reserves for pr. or <br /> losses <br /> SEPTEMBER 18 , 2001 � ` J <br /> - 91 - <br /> k <br /> f <br /> If <br /> If <br /> i <br /> If <br /> Ift <br />