Title
Insurance and Risk Management Advisory Board Meeting of April 18, 2022.
Body
OPENING:
Quorum in Person was not reached. Workshop was conducted. Chair Juan C. Diaz-Padron via zoom opened the workshop. Workshop commenced at 8:04am. Everyone introduced themselves for the record.
MINUTES APPROVAL:
March 30, 2022, Minutes
Unable to approve minutes due to Quorum not reached. Minutes will be entered into legistar as Draft.
SECRETARY’S REPORT: None
BOARD MEMBERS REPORTS: None
NEW BUSINESS: None
OLD BUSINESS:
Insurance Renewal Review - Additional review of FMIT’S proposal in light of additional information received from FMIT
Ms. Elejabarrieta commenced by advising due to quorum not reached in person, it would go forth as workshop. Ms. Elejabarrieta presented members of the City of Coral Gables Insurance & Risk Management Advisory Board and their role.
Ms. Elejabarrieta stated FMIT staff was present both in person and via zoom to address concerns and additional questions regarding their proposal.
Ms. Elejabarrieta advised due to new information from FMIT, namely that this year’s baseline quote will now include windstorm and storm surge for the seawalls and bridges, that information was significant enough to call another Insurance Board Meeting. Ms. Elejabarrieta stated the delta between the open market and FMIT if you add the entire premium for prior acts coverage is around $90,000.
Mr. Reshefsky advised that he wanted to hear from FMIT and also Arthur J. Gallagher as he has had some concerns regarding FMIT ‘s portfolio in the amount of overall risk they are taking on.
Mr. Chris Krepcho from FMIT discussed how FMIT has been in business for 45 years, with a portfolio of business of $12.5 billion and only $600 million of that is in Miami Dade County. Mr. Krepcho also stated and confirmed that the property limits for windstorm are dedicated limits in the amount of $150 million exclusively for the City of Coral Gables and that they are not...
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