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City Council Renews Insurance Coverage

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Posted: Thursday, March 14, 2019 9:09 pm

City Council renewed Homestead’s property insurance at its Committee of the Whole meeting on Tuesday March 12.

Premium costs for city property coverage are $527,976 for the year expiring March 31, 2020. Primary coverage provides $10 million through surplus lines companies and a further $10 million in excess coverage for total protected values of $53,867,676.

The power plant, City Hall and the police station are covered separately.

The property insurance package provides $20 million of coverage for wind and hail damage. Homestead’s non-power plant property values are over $73 million.

The Silver Insurance Consultants assessing the program for the City wrote that the coverage is reasonable in the current Florida market but “we continue to be concerned that an actual hurricane loss could exceed the limits of insurance purchased.”

Insurance for City Hall and the police station were placed with Colorado-based ICAT at a cost of $96,309.

ICAT was founded in 1998 to provide hurricane and earthquake damage protection to high risk areas through a consortium of insurers including syndicates at Lloyd’s of London.

Wind and hail protection for City Hall has a limit of $27.165 million and $16.972 million for the police station. Flood insurance is excluded.

The City-owned power plant insurance cost $247,127 with boiler/machinery

coverage provided for an additional $106,491.

Homestead also agreed to renew its terrorism insurance at an annual cost of $49,239.

Total City insurance premiums were $1.027 million for all coverages including the ICAT package. This is a slight increase from last year (about 1.4%).

City Manager George Gretsas said the terrorism premium reflects a five percent savings by removing coverage for the sports complex on Kingman Drive.

Council also approved implementation of a new electric meter data

collection system.

The $417,114 cost should be recouped within five years due to more efficient account servicing.

Councilman Larry Roth said the system would prove a real asset by giving the City’s utilities the ability to connect water and electric services quickly.

Council agreed to spend $106,754 for six new circuit breakers at the Renaissance substation, $75,435 for a new circuit switcher, $390,000 for the service contract to the City’s utility call center, and agreed to renew the

contract for wastewater treatment chemicals.

A request to waive fees for use of the Dickinson Community Center for three graduation ceremonies May 30 for the ASPIRA charter schools was discussed.

Councilman Elvis Maldonado said he’d sponsored the cost last year and was willing to donate again. He encouraged Council colleagues to contribute too.

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