MANASOTA & PEACE RIVER BBDs Meeting Notebook 10-21-09.docx

Z074
Risk Management - Peace River Basin
Project Type On-Going Activities
AOR(s)
Management Services
Basin(s) Alafia River, Hillsborough River, Northwest Hillsborough, Pinellas-Anclote River, Withlacoochee
River, Peace River
Cooperator(s)
Project Manager PETRUCCELLI, LUCY
Task Manager(s)
Status Ongoing
Description
The funds budgeted for this project apply to insurance on insured water control structures in this basin. Those
structures with their corresponding insured values include: Alligator Creek Salinity Barrier - $216,000, Peace Creek
P-3 -$71,000, P-5 - $439,000, P-6 - $262,000, P-7 - $67,000, P-8 - $253,000, P-11 - $328,000, and G-90 - $898,000.
Governing Board Policy 120-1, directs that a Risk Management function be maintained to protect the assets of the
District using an appropriate market based financing measure of a blend of self-insurance, insurance or transfer of
risk. Budgeting a known minimal expenditure annually for insurance premiums has been more cost effective for the
individual basins than establishing permanent reserves equal to the value of an individual structure or maximum
probable loss should any structure be damaged or destroyed. Property coverage is currently provided in layers through
several property insurance carriers. The current deductible is set at $5,000 on all losses except flood and wind.
Status As Of: October 21, 2008
Property insurance renewal rates for period 10/01/2008-09/30/2009 were .40/$100 of insured value. All funds for FY
2009 have been expended to cover the annual premium for insurance on the insured structures. There will be no further
status reports this fiscal year unless there is a property damage claim reported on a structure
020 - Peace River Basin 5