Resolution accepting property insurance claims payment from Arch Specialty Insurance Company, 219 Hudson Street, Suite 300, Jersey City, NJ 07311, in the amount of $149,486.18, for losses sustained as a result of Hurricane Irma and to execute claims documents as necessary. The gross amount of covered damages sustained by the properties insured under the Arch policy was $394,000. After applying the five percent deductible of the total insured value of each building (subject to a minimum deductible of $250,000 per occurrence) and depreciation, the net recovery amount is $149,486.18.
Recommendation: Human Resources Director recommends adoption of the Resolution.