HomeMy WebLinkAbout2018-02-13 Meeting Minuteswww.augustaga.gov
Finance Committee Meeting Commission Chamber - 2/13/2018
ATTENDANCE:
Present: Hons. Frantom, Chairman; Sias, Vice Chairman; Hasan and
Guilfoyle, members.
Absent: Hons. Hardie Davis, Jr., Mayor.
FINANCE
1.Request to approve Augusta Commercial Property Insurance coverage for 2018
offered through Affiliated FM, current carrier, for a premium of $399,565 for
full blanket coverage and limited flood coverage in flood prone areas.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to
approve.
Motion Passes
4-0.
Commissioner
Ben Hasan
Commissioner
Wayne Guilfoyle Passes
2. Motion to approve the minutes of the Finance Committee held on January 30,
2018.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to
approve.
Motion Passes
4-0.
Commissioner
Ben Hasan
Commissioner
Wayne Guilfoyle Passes
Finance Committee Meeting
2/13/2018 1:05 PM
Attendance 2/13/18
Department:
Presenter:
Caption:
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY:
Finance Committee Meeting
2/13/2018 1:05 PM
Approve Augusta Commercial Property Insurance Renewal
Department:Finance - Risk Management Division
Presenter:Joe Crozier
Caption:Request to approve Augusta Commercial Property Insurance
coverage for 2018 offered through Affiliated FM, current carrier,
for a premium of $399,565 for full blanket coverage and limited
flood coverage in flood prone areas.
Background:Augusta has elected to use Property Insurance Broker Services
and carry commercial property insurance on its properties since
consolidation. The Risk Management Office staff inspects all
Augusta properties annually and works with insurance company
engineers to ensure adequate coverage and to in help reduce risk
of property loss to Augusta.
Analysis:Dawson & Taylor Insurance Company seeks annual quotes from
the insurance market for "all risks" coverage on buildings and
contents. Please see attachments for quote summary and list of
declinations. Insurers providing quotes were Affiliated FM
Insurance, Hartford Insurance, Chubb Insurance, XL Caitlan
Insurance, Travelers Insurance. Several insurers did not qualify or
declined to quote coverage. Quotes are obtained from companies
with A or better rating. Affiliated FM is the low bidder and is
providing the greatest level of coverage for the exposure. Current
coverage carries a $50,000 deductible per occurrence except for
flood and earthquake.
Financial Impact:A premium for blanket coverage is being offered on total property
values of $780,345,953 for $399,565 with a $50,000 deductible.
The quote from Affiliated FM includes flood coverage.
Alternatives:1. Drop coverage and assume all risk, 2. Reduce premiums by
only insuring those properties representing the largest losses
should an event damage these structures (Municipal Building,
Judicial Center, RCCI, etc.) Neither alternative is recommended
Recommendation:Approve Commercial Property Insurance coverage renewal for
2018 through Affiliated FM for a premium of $399,565 which
includes flood coverage and Boiler & Maintenance coverage.
Effective March 1, 2018 - March 1, 2019
Funds are Available
in the Following
Accounts:
Funds are available through Risk Management General Insurance
Fund Account 611 015212
REVIEWED AND APPROVED BY:
Finance.
Law.
Administrator.
Clerk of Commission
Finance Committee Meeting Commission Chamber -
ATTENDANCE:
Present: Hons. Frantom, chairman; Sias, vice chainnan; Hasan, member.
Absent: Hons. Hardie Davis, Jr., Mayor; Guilfoyle, member.
F'INANCE
1. Motion to approve the minutes of the Finance Committee held on January 9, Item2018. Action:
Approved
Motions
Motion
Type
Approve
Made By Seconded By
-fr
A
U3012018
2. Motion to approve changing Extension employee Winifred Garrett's status from Item
part-time to full-time. Action:
Approved
Motions
Motion
Type
Approve
Motion Text
Motion to
approve.
Motion Passes
3-0.
Motion Text Made By
Motion toapprove. Commissioner
Motion Passes Sammie Sias
3-0.
Commissioner Ben CommissionerHasan Sammie Sias Passes
seconded By Motion
Result
Motion
Result
Commissioner BeHasan n Pu"t'
www.auqustasa.sov
Finance Committee Meeting
2/13/2018 1:05 PM
Minutes
Department:Clerk of Commission
Presenter:
Caption:Motion to approve the minutes of the Finance Committee held on
January 30, 2018.
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY: