|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 26, 2016|
Agenda Item #10
Renewal of Manatee County Flood Insurance Policies
Briefing Provided Upon Request
Contact and/or Presenter Information
Mitchell O. Palmer, County Attorney, ext. 3750
Motion to approve the purchase of ten (10) flood insurance policies for a total cost of $72,515 and to authorize the County Attorney or his designee to execute all related documents.
Manatee County maintains an insurance program to protect its buildings against catastrophic financial loss. There are two parts of this program: property insurance which renews June 1, 2016, and is not a part of this agenda item, and flood insurance.
The combination of the property insurance program and the flood insurance policies are intended to comply with Section 311 (42 U.S.C 5154) of the Stafford Act. The Stafford Act requires that an applicant for Federal FEMA assistance “shall comply with regulations prescribed by the President to assure that, with respect to any property to be replaced, restored, repaired, or constructed with such assistance, such types and extent of insurance will be obtained and maintained as may be reasonably available, adequate, and necessary, to protect against future loss to such property.”
The County maintains ten (10) flood policies, each specific to a particular building, all of which are due to renew in May 2016.
The policies will be renewed through New Hampshire Insurance Company which is part of American International Group (AIG). The policies themselves are written under the National Flood Insurance Program (NFIP). The total premium for this renewal is $72,515; this is an increase of $6,853 over last year’s premium of $65,662 or 10.44%.
The Risk Management Division of the County Attorney's Office recommends purchasing the ten (10) flood policies in the amount of $72,515.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Please return a stamped copy of this Agenda Memorandum certifying its approval by the Board of County Commissioners to Linda Klasing - Risk Manager - County Attorney’s Office, Risk Management Division at firstname.lastname@example.org.
Cost and Funds Source Account Number and Name
$72,515 5050001500-545000 Risk Management General Liability Fund
Amount and Frequency of Recurring Costs
$72,515 One Time Payment
Attachment: MCBOCC2-2016-17 Flood Renewal Summary 3.24.16.pdf