|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 21, 2015|
Agenda Item #9
Flood Insurance Renewals
Contact and/or Presenter Information
Raymond Carter, Risk Manager ext 3782
Motion to approve the purchase of eleven (11) flood insurance policies for a total cost of $66,207, 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; excess property insurance which renews June 1, 2015, 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 of the Stafford Act (42 U.S.C. 5154). 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 eleven (11) flood policies, each specific to a particular building or improvement, all of which are due to renew in May 2015. The Risk Management Division would like to move the flood effective date so that it is concurrent with the excess property on June 1, 2015. To do so, staff recommends that the County renew effective May, 2015 and then cancel/rewrite the flood policies with a new effective date of June 1st. This would allow the flood policies to be concurrent with the excess property insurance program. As part of a policy change under the National Flood Insurance Program (NFIP) staff will obtain an elevation certificate for each location.
The policies will be purchased through New Hampshire Insurance Company which is part of American International Group (AIG). The policies themselves are written under the NFIP. The total premium for this renewal is $66,207; this is an increase of $2,313 over last year’s premium of $63,894.00 or 3.62%.
The Risk Management Division of the County Attorney's Office recommends purchasing the eleven (11) flood policies in the amount of $66,207.
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 Raymond.Carter@mymanatee.org.
Cost and Funds Source Account Number and Name
$66,207 Risk Management General Liability Fund 5050001500-545000
Amount and Frequency of Recurring Costs
$66,207 One Time Payment
Attachment: MCBOCC 2015-16 Flood Renewal Summary.pdf
Attachment: MCBOCC Flood Renewal Documents.pdf