|Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - April 24, 2018|
Agenda Item #16
Annual renewal of Manatee County's flood insurance policies
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 ten (10) flood insurance policies for a total cost of $92,614 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, 2018, and is not a part of this agenda item, and flood insurance.
The combination of the property insurance program and the flood insurance policies 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 ten (10) flood policies, each specific to a designated building, all of which are due to renew in May 2018.
The policies will be renewed 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 $92,614; this is an increase of $9,393 over last year’s premium of $83,221 or 11.29%. Coverage amounts are as set forth in the attachment.
The Risk Management Division of the County Attorney's Office recommends purchasing these ten (10) flood policies in the amount of $92,614.
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 stamped copy of this Agenda Memorandum certifying its approval by the Board of County Commissioners to Mitchell O. Palmer at email@example.com and to Linda R. Klasing at firstname.lastname@example.org.
Cost and Funds Source Account Number and Name
5050001500 Risk Management General Liability Fund
Amount and Frequency of Recurring Costs
One-time payment of $92,614