Item as displayed on the Agenda:
| Resolution authorizing the acceptance and payment of the property insurance proposals submitted by Brown & Brown of Florida, Inc., 220 Ridgewood Ave Daytona Beach, FL 32115 on behalf of:
- Landmark American Insurance Company for buildings/structures, contents and machinery with a total insured value of $218,891,604 for all risk coverage excluding damage resulting from named storms
- Arch Insurance Company providing $1,000,000 layer of named storm/flood coverage for the buildings/structures, contents and machinery insured under the Landmark Insurance policy
- Preferred Governmental Insurance Trust (PGIT) for named storm/flood and other perils coverage for essential buildings/structures and their contents and machinery with a total insured value of $86,904,978.
All policies are for the period of October 1, 2017 to October 1, 2018 for a total annual premium of $715,500. Authorization is also requested to pay any additional property insurance premium due to adjustments of property values or coverage or addition of properties, up to an additional $20,000 for the period of October 1, 2017 to October 1, 2018. Funds available in the Consolidated Insurance Fund.
Recommendation: Human Resources Director recommends adoption of the Resolution. |
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