|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 23, 2016|
Agenda Item #10
Renewal of Boiler and Machinery, Crime, and Railroad General Liability insurance coverages
Briefing Provided Upon Request
Contact and/or Presenter Information
Contact: Linda R. Klasing, Risk Manager, ext. 3750
Presenter: Mitchell O. Palmer, County Attorney, ext. 3750
Motion to approve the purchase of Boiler and Machinery coverage in the amount of $50,024.00, Crime coverage in the amount of $4,094.00, and Railroad General Liability coverage in the amount of $18,150.00, for a total cost of $72,268.00, and to allow the County Attorney or his designee to execute all related documents.
Boiler and Machinery
Manatee County purchases a Boiler and Machinery insurance policy to protect the County from losses due to mechanical failure of equipment such as air conditioning systems, large electrical motors and other systems. The coverage has a total loss limit of $50,000,000 and retention (deductible) of $5,000 per occurrence. All terms and conditions remain the same per the expiring policy with the carrier moving from CNA to Travelers for a total annual premium of $50,024.00 with an effective renewal date of March 1, 2016. This represents a premium reduction from the expiring policy of $4,568.00.
The County also purchases Crime coverage to ensure against acts of employee dishonesty for theft of money or securities. The coverage is for up to $500,000 per occurrence. 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, 2016. The retention remains the same at $25,000.
Railroad - General Liability
The County purchases a Railroad - General Liability insurance policy to maintain contract requirements with CSX and Florida Power and Light (FP&L), where County-owned facilities are present with railroad rights-of-way. There are three types of projects related to this policy: fiber optic conduits, stormwater piping, and sewer pipes (within two FP&L railroad rights-of-way). These projects are associated with various agreements between the County and CSX, and between the County and FP&L. The policy limits are $3,000,000 per occurrence. The annual premium for this policy is $18,150.00 with an effective renewal date of March 3, 2016. This represents a premium increase of $898.54 over the expiring policy. The retention of this policy remains at $5,000.
The County Attorney recommends purchasing the Boiler and Machinery coverage in the amount of $50,024.00, the Crime coverage in the amount of $4,094.00, and the Railroad - General Liability coverage in the amount of $18,150.00 for a total of $72,268.00. The County Attorney also requests authorization to allow him or his designee to execute all related 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 Risk Management, Attn: Linda R. Klasing, Risk Manager, ext. 3750.
Cost and Funds Source Account Number and Name
5050001500-545000 Risk Management General Liability Fund
Amount and Frequency of Recurring Costs
$72,268.00 One Time Payment
Attachment: Manatee BM & Crime 2016-2017 as of 02.04.16.pdf
Attachment: Manatee Railroad-GL Proposal 2016-2017.pdf