|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 8, 2014|
Agenda Item #15
Manatee County Flood Insurance Policies
Contact and/or Presenter Information
Raymond Carter, Risk Manager x3782
Motion to approve the purchase of eleven (11) flood insurance policies for a total cost of $63,894.00 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, 2014, and is not a part of this agenda item, and flood insurance. The combination of which 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 eleven (11) flood policies, each specific to a particular building, all of which are due to renew in May 2014.
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 National Flood Insurance Program (NFIP). The total premium for this renewal is $63,894.00; this is a decrease of ($8,779) over last year’s premium of $72,673 or (12.08%).
The Risk Management Division of the County Attorney's Office recommends purchasing the eleven (11) flood policies in the amount of $63,894.00.
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 (firstname.lastname@example.org) – County Attorney’s Office – Thank you.
Cost and Funds Source Account Number and Name
5050001500-545000 Risk Management General Liability Fund
Amount and Frequency of Recurring Costs
One time payment of $63,894
Attachment: MCBOCC 2014 Flood Renewal Summary.pdf