Okaloosa County BOCC — March 3, 2015 — Property Insurance Renewal 2015-2016 — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 3, 2015 TO: Honorable Chairman and Members of the Board FROM: Kay Godwin SUBJECT: Property Insurance Renewal 2015-2016 DEPARTMENT: Human Resources BCC DISTRICT: ALL STATEMENT OF ISSUE: Request authority for staff to bind and purchase coverage for the County’s property insurance program. BACKGROUND: The Board previously authorized the renewal date for the Property, Terrorism and Boiler & Machinery insurance be moved to April 1. The premiums for 4/1/2015 to 3/31/2016 are as follows: $656,801.00 Property $21,603.00 Terrorism $10,105.00 Boiler & Machinery $688,509.00 Total An updated appraisal of County buildings was conducted in 2014. While the total insured value increased by 10% to $232,183,987 (from $210,863,960), the overall property insurance rate has been reduced by 10%. This resulted in a net decrease of $8,373 in annual premium, which will help offset the additional premium for the new Okaloosa County Administration Building in Shalimar, estimated to be an additional $36,000 in premiums. OPTIONS: Approve/Disapprove RECOMMENDATIONS: Authorize purchase of property, terrorism, and boiler & machinery coverage for the period 4/1/15 through 3/31/16 as outlined, and authorize staff to sign the application and any required documents. This authorization includes the addition to the property schedule and payment of premiums for the new administration building in Shalimar and any other buildings that might be added during the policy term. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator