Agenda 09/23/2014 Item #16E 59/23/2014 16.E.5.
EXECUTIVE SUMMARY
Recommendation to approve the purchase of Flood Insurance for Fiscal Year 2015 in the
estimated amount of $347,100
OBJECTIVE: To purchase flood insurance on County owned properties in special flood hazard areas
to protect these real and personal property assets against losses caused by the peril of flood and to
comply with the Stafford Act.
CONSIDERATIONS: The Board of Commissioners purchases flood insurance to protect the County's
real and personal property assets against losses caused by the peril of flood. Additionally, it is
purchased in order to comply with Section 311 (42 U.S.0 5154) of the Stafford Act which requires that
an applicant for FEMA assistance "shall comply with regulations prescribed by the President to assure
that, with respect to any property to be replaced, restored, repaired, or constructed with such
assistance, such types and extent of insurance will be obtained and maintained as may be reasonably
available, adequate, and necessary, to protect against future loss to such property."
Flood coverage is underwritten and priced by the National Flood Insurance Program and policies are
sold and serviced through insurance carriers and brokers. The maximum limit of coverage that can be
purchased per building is $500,000 and $500,000 for contents. The County's property insurance
policy provides excess flood coverage above the $500,000 NFIP limit up to a maximum of
$75,000,000.
Flood policies are placed according to building location. The current Flood Insurance schedule
identifies 201 policies with limits purchased of $73,033,714 on total values of $435,891,629. These
policies renew at various times throughout the year with the majority of renewals occurring in October
and August. In addition, the schedule may be updated during the fiscal year as properties are added
or deleted requiring the addition or deletion of coverage. In order to assure that coverage is secured
on a timely basis, staff is requesting approval to purchase Flood Insurance for the fiscal year and
authorize staff to request payment as these policies come due.
IRMS, the County's insurance broker, estimates that the total premium in FY 2015 will not exceed
$347,100. A schedule of covered locations is attached as reference.
FISCAL IMPACT: The estimated annual cost to procure Flood Insurance in FY 2015 is $347,100.
Sufficient funds have been budgeted within Fund 516, Property and Casualty Insurance for this
purchase.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this
item.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires
majority vote for approval. — CMG
RECOMMENDATION: That the Board approves the purchase of flood insurance as outlined in the
Executive Summary and authorizes the County Manager or designee to complete any applications or
other documents necessary to bind, add or delete coverage as needed in Fiscal Year 2015.
PREPARED BY: Linda Best, Manager, Risk Finance, Risk Management Department
Attachment: FY15 Flood Insurance Allocations
Packet Page -3099-
9/23/2014 16.E.5.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.E.16.E.5.
Item Summary:
Recommendation to approve the purchase of Flood Insurance for Fiscal Year 2015 in the
estimated amount of $347,100
Meeting Date: 9/23/2014
Prepared By
Name: Linda Best
Title: Manager - Risk Finance, Risk Management
8/29/2014 10:09:18 AM
Submitted by
Title: Manager - Risk Finance, Risk Management
Name: Linda Best
8/29/2014 10:09:19 AM
Approved By
Name: WalkerJeff
Title: Director - Risk Management, Risk Management
Date: 8/29/2014 10:52:19 AM
Name: GreeneColleen
Title: Assistant County Attorney, CAO General Services
Date: 9/2/2014 9:38:40 AM
Name: PriceLen
Title: Administrator - Administrative Services, Administrative Services Division
Date: 9/10/2014 2:37:36 PM
Name: GreeneColleen
Title: Assistant County Attorney, CAO General Services
Date: 9/10/2014 2 :46:24 PM
Packet Page -3100-
Name: KlatzkowJeff
Title: County Attorney,
Date: 9/10/2014 3:04:39 PM
9/23/2014 16.E.5.
Name: KimbleSherry
Title: Management/Budget Analyst, Senior, Office of Management & Budget
Date: 9/12/2014 3:53:04 PM
Name: DurhamTim
Title: Executive Manager of Corp Business Ops,
Date: 9/12/2014 5:03:48 PM
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