City of Coral Gables

File #: 23-5449    Version: 1 Name:
Type: Minutes Status: Noted and Filed
File created: 3/8/2023 In control: City Commission
On agenda: 5/9/2023 Final action: 5/9/2023
Enactment date: Enactment #:
Title: Insurance and Risk Management Advisory Board Meeting of March 6, 2023.
Attachments: 1. Cover Ltr Min Meeting 03 06 23, 2. 03 06 23 City Clk Atten Sheet - IBA Board, 3. 03 06 23 Meeting Mins w Exhibits
Title
Insurance and Risk Management Advisory Board Meeting of March 6, 2023.

Body
OPENING:
Quorum was reached. Chair Juan C. Diaz-Padron opened meeting. Everyone introduced themselves. Meeting commenced 08:01am.

MINUTES APPROVAL:

Of Meeting on March 30, 2022

Draft Minutes Approved by Commission on April 26, 2022 - Meeting #22-4007
Motion by: 1st Gary Reshesky / 2nd: Austin Tellam

SECRETARY’S REPORT: None

BOARD MEMBERS REPORTS: None

NEW BUSINESS: None

OLD BUSINESS:

Continual - Insurance Renewal - Arthur J. Gallagher - Maria Perez
Renewal Market Updated as of 3/6/23 (Exhibit 1)

Ms. Perez advised the board of the progress and status regarding the insurance renewal. Applications and renewal information were sent out in the 1st week of January to the markets. Ms. Perez advised she is still waiting to hear back regarding Pollution Liability and the Property Markets. Ms. Perez advised that Arthur J. Gallagher staff as well as Raquel Elejabarrieta and David Ruiz from the city attended online meetings with the Property Insurance Markets as well as with Ambridge and Munich for the package policy. Ms. Perez stated the Property Market inquired about safety measures the city takes regarding Hurricane Preparedness. Mr. Ruiz advised the Property Insurance Markets about the City’s hurricane plan. Accurate valuation of the properties was another subject the Property Markets inquired about, and Mr. Ruiz advised that 68% of the total Statement of Values was either appraised since 2021 and/or is new construction. The remaining 32% was indexed at an additional 15% for property and 8% for contents as per recommended industry standards for the renewal this year. Ms. Perez also mentioned that Mr. Ruiz advised $117 million of property have impact windows and close to $119 million of property have roofs that are less than 7 years old.

Ms. Elejabarrieta advised board FMIT provided notice that they would not be participating in this year’s renew...

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