|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 23, 2013|
Agenda Item #9
Renewal of flood insurance for eleven buildings/locations
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 $72,673.00 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 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 property portion, referenced in the Stafford Act, renews on June 1 2013 and will be discussed under a separate agenda item at a later date. The county maintains eleven (11) flood policies, each specific to a particular building, all of which are due to renew in May 2013.
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 $72,673.00; this is an increase of $1,269 over last year’s premium of $71,404.00 or 1.78%.
The County Attorney recommends purchasing the eleven (11) flood policies in the amount of $72,673.00, further, the County Attorney requests authorization for him or his designee to execute all related documents.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Please return a copy of the approved agenda item to Ray Carter, Risk Management Division
Cost and Funds Source Account Number and Name
5050001500-545000 Risk Management General Liability
Amount and Frequency of Recurring Costs
$72,673.00 One-time payment
Attachment: MCBOCC 2013 Flood Renewal Summary.pdf