|February 13, 2018 - Regular Meeting|
Agenda Item #18
Boiler & Machinery, Crime, and Railroad General Liability Insurance Renewals
Briefing Provided Upon Request
Contact and/or Presenter Information
Mitchell O. Palmer, County Attorney, ext. 3750
Linda R. Klasing, Risk Manager, ext. 3750
Motion to approve the purchase of Boiler & Machinery coverage for $50,315.00, Crime Coverage for $4,094.00, and Railroad General Liability coverage for $20,600.00, for a total cost of $75,009.00, and to approve the County Attorney or his designee to execute all related renewal documents.
Boiler & Machinery
Manatee County purchases a Boiler and Machinery insurance policy to protect the County from losses due to mechanical failure to equipment, such as air conditioning systems, damage to large electrical motors and other systems that may fail due to mechanical problem. The coverage has a total loss limit of $50,000,000 and a retention (deductible) of $5,000 per occurrence. All terms, conditions, etc. remain the same per the expiring policy for a total annual premium of $50,315.00 with an effective renewal date of March 1, 2018. This represents a premium increase from the expiring policy of $1,466.00.
The County purchases Crime coverage to ensure against acts of employee dishonesty for theft of money or securities. This is a three-year rate guarantee policy effective March 1, 2016 to March 1, 2019. The annual premium for the Crime renewal is $4,094.00 with an effective renewal date of March 1, 2018. The retention remains the same at $25,000.
Railroad General Liability
The County purchases a Railroad General Liability insurance policy to meet contract requirements with CSX and Florida Power & Light [FP&L]. There are three types of projects related to this policy--fiber optic conduits, stormwater piping situated within CSX rights-of-way and two sewer pipes within FP&L rights-of-way. These projects are associated with numerous agreements between the County and CSX, and the County and FP&L. The annual premium for this policy is $20,600.00 with an effective renewal date of March 3, 2018. This represents a premium increase of $500.00 over the expiring policy. The retention for this policy remains at $5,000.
The County Attorney recommends purchasing the Boiler & Machinery coverage in the amount of $50,315.00, the Crime coverage in the amount of $4,094.00, and the Railroad General Liability coverage in the amount of $20,600.00 for a total of $75,009.00. The County Attorney also requests authorization for him or his designee to execute all related renewal documents.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
This is a County Attorney item.
Instructions to Board Records
Please return a copy of the approved agenda to Mitchell O. Palmer, County Attorney at Mitchell.email@example.com and to Linda R. Klasing, Risk Manager at Linda.firstname.lastname@example.org.
Cost and Funds Source Account Number and Name
505-0001500-545000, Risk Management General Liability Fund
Amount and Frequency of Recurring Costs
$75,009.00; One Time Payment
Attachment: MCBOCC - BM & Crime Proposal 2018-2019.pdf
Attachment: MCBOCC - Railroad-GL Proposal 2018-2019.pdf