|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - May 7, 2013|
Agenda Item #13
Purchase of Lake Manatee Dam Property Insurance
Contact and/or Presenter Information
Raymond Carter, Risk Manager
Motion to approve the purchase of Lake Manatee Dam Property Insurance for a premium of $287,608, (inclusive of term premium and all Federal/State mandated fees), and to authorize the County Attorney or his designee to execute all required documents.
Manatee County’s current Lake Manatee Dam - Property insurance coverage is expiring on June 1, 2013 and contains the following provisions. The total loss limit per expiring is $36,630,018; which is the current Total Insured Value (TIV) of the Lake Manatee Dam. The wind and flood deductibles are 5% of the TIV, with a minimum of $1,500,000. For all other perils the deductible is $100,000 per occurrence. The property covered by this policy is for the Lake Manatee Dam including but not limited to gates, weirs, embankments, spillways, tailrace channel and other property incidental to the earthen dam, all as per policy wording.
The Lake Manatee Dam is proposed to renew the expiring program with the same terms and conditions. The premium is $287,608 (inclusive of term premium and all Federal/State mandated fees). This is an increase of $10,227, or 3.7% of the expiring policy, due in part to the exposure, and 3% increase in the value of the Lake Manatee Dam.
Risk Management is requesting approval by the Board to purchase Lake Manatee Dam Property Insurance for a premium of $287,608, (inclusive of term premium and all Federal/State mandated fees), and to authorize the County Attorney or his designee to execute all required documents.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Please return an executed copy of this Agenda Memorandum certifying its approval by the Board of County Commissioners to Raymond Carter – County Attorney’s Office (email@example.com)
Cost and Funds Source Account Number and Name
5050001500-545000 Self Insurance Fund General Liability
Amount and Frequency of Recurring Costs
$287,608 Onetime payment
Attachment: MCBOCC LMD 13-14 Proposal 04.24.2013.pdf