|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 10, 2015|
Agenda Item #9
Boiler & Machinery, Crime, and CSX General Liability Insurance Renewal
Contact and/or Presenter Information
Raymond Carter, Risk Manager, Ext. 3782
Motion to approve the purchase of insurance including: Boiler and Machinery coverage for $54,592.00, Crime coverage for $3,234.85, and CSX General Liability coverage for $17,885.00, with a total cost of $75,711.85; and authorize the County Attorney, or his designee, to execute all related documents.
Boiler & MachineryManatee 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 except for losses to air conditioning and refrigeration units. A minimum deductible of $10,000 would apply to these types of losses. All terms, conditions, etc. remain the same per the expiring policy with the carrier CNA for a total annual premium of $54,592.00 with an effective renewal date of March 1, 2015. This represents a premium reduction from the expiring policy of $144.43.
The County also purchases Crime coverage to ensure against acts of employee dishonesty for theft of money or securities. In 2013, the Crime coverage was renewed with a 3 year rate guarantee term expiring in 2016. The annual premium for the Crime renewal is $3,234.85 with an effective renewal date of March 1, 2015. The retention remains the same at $25,000.
CSX- General Liability
The County also purchases a CSX- General Liability insurance policy to maintain a contract requirement with CSX Railroad. There are two types of projects related to this policy--fiber optic conduits and stormwater piping situated within CSX rights-of-way. These projects are associated with numerous agreements between the County and CSX. The annual premium for this policy is $17,885.00 with an effective renewal date of March 3, 2015. This represents a premium increase of $628.54 over the expiring policy. The retention for this policy remains at $5,000.
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 the Risk Management Division - Raymond Carter, Risk Manager (email@example.com).
Cost and Funds Source Account Number and Name
505-0001500-545000, Risk Management- General Liability Fund
Amount and Frequency of Recurring Costs
$75,711.85; One Time Payment
Attachment: Manatee BM & Crime 3-15 to 3-16.pdf
Attachment: Manatee CSX 3-15 to 3-16.pdf