Okaloosa County BOCC — March 18, 2014 — Action Item Printout — reading text

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 18, 2014 TO: Honorable Chairman and Members of the Board FROM: Kay Godwin SUBJECT: Bind and Purchase Coverage for the County’s Property, Boiler & Machinery and Terrorism Insurance DEPARTMENT: Human Resources BCC DISTRICT: All STATEMENT OF ISSUE: Request authority to bind and purchase coverage for the county’s property insurance program. BACKGROUND: The board has previously authorized that the renewal date for the property, boiler & machinery and terrorism insurance be moved to April 1. The premiums for 4/1/2014 to 3/31/2015 are as follows: $665,174.00 Property $21,880.05 Terrorism $10,630.00 Boiler & Machinery $12,500.00 Appraisal $710,184.05 Total* The total premium for these policies and the appraisal is $710,184.05. [*Note: Premiums are based on total insured value. Property schedules are updated throughout the year; therefore, actual premiums vary.] These premiums were previously estimated to be $901,505.30. We are pleased to report a decrease of $191,321.25 from earlier projections. Included is $12,500.00 for an updated appraisal of county buildings. The last appraisal of county buildings was performed in 2005. A current appraisal will ensure that all structures are insured at appropriate levels and allow the county to receive blanket coverage which will provide additional protection for the county. OPTIONS: Authorize staff to bind and purchase the outlined coverage and appraisal of county buildings. RECOMMENDATIONS: Risk Management recommends approval to bind and purchase outlined coverage and appraisal. RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator