HomeMy WebLinkAboutSEOPW-CRA-R-03-0097ITEM 5
12/08/03
RESOLUTION NO. SEOPW/CRA R-9 3 — 9 !
OMNI/CRA R-0.r 6 6
A JOINT RESOLUTION OF THE BOARDS OF
DIRECTORS OF THE SOUTHEAST OVERTOWN/
PARK WEST AND OMNI REDEVELOPMENT -
DISTRICT COMMUNITY REDEVELOPMENT
AGENCIES RATIFYING THE ACTIONS OF THE
EXECUTIVE DIRECTOR IN BINDING DIRECTORS
AND OFFICERS LIABILITY INSURANCE
COVERAGE WITH NATIONAL UNION FIRE
INSURANCE COMPANY OF PITTSBURGH, PA;
FUNDS TO BE ALLOCATED FROM ACCOUNT CODE
NO. 689004.550011.6.650.
WHEREAS, the Boards of Directors of the Southeast
Overtown/Park West and Omni Redevelopment District
Community Redevelopment Agencies ("CRAs") desire that the
CRAB carry Directors and Officers Liability Insurance; and
WHEREAS, the CRAs' prior policy was to expire on June
28, 2003, but was extended through October 31, 2003 while
the CRAs' broker attempted to place the risk; and
WHEREAS, National Union Fire Insurance Company of
Pittsburgh, Pa. was the only firm to quote the risk; and
WHEREAS, to avoid any lapse in coverage on October 31,
2003 the Executive Director issued instructions to bind the
risk at a premium of $9,125.00.
SEOPW/CRA
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Page 1 of 3
NOW, THEREFORE, BE IT RESOLVED BY THE BOARDS OF
DIRECTORS OF SOUTHEAST OVERTOWN/PARK WEST AND THE OMNI
REDEVELOPMENT DISTRICT COMMUNITY REDEVELOPMENT AGENCIES OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in
the Preamble to this Resolution are adopted by reference
and incorporated herein as if fully set forth in this
Section.
Section 2. The Boards of Directors of the CRAs
hereby ratify the actions of the Executive Director in
binding Directors and Officers liability Coverage with
National Union Fire Insurance Company of Pittsburgh, Pa.
for a premium amount of $9,125.00.
Section 3. Funds are to be allocated from General
Operating Fund, "Insurance -Liability," Account Code No.
689004.550011.6.650.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this th
day
of
December, 2003.
ART
rw )Ir
UR
E.
TEELE, JR., CHAIRMAN
PRISCILLA A. THOMPSON
CLERK OF THE BOARD
OWH/ SEOPW/CRA
Page 2 of 3 �J 3— 16 9 3— S
APPROVED AS TO FORM
I WA
JHV:zl
CORRECTNESS:
OM R/CRA
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ITEM 5
SOUTHEAST OVERTOV,1 /F'AI K WEE`-
AJ,?L OjL1,1
C07,11,4UNITY R-EDE'JELOPME';T 1_1"GEN1 _i .r
INTER -OFFICE 1,Md0RkNDTT1A;
To: Chairman Arthur E. Teele, Jr. Date: F_lE:
And Members of the CRA Board
R
`Recommendation to Ratify
Executive Director's Action
in Binding Directors &
�% Officers Insurance
From: Frank K. Rollason References:
Executive Director
EncicsureE: Resolution, Supporting
Documentation
RECOMMENDATION:
It is recommended that the Board of Directors of the Southeast
Overtown/Park West and Omni District CRA's adopt the attached Joint
Resolution ratifying the action taken by the CRA Executive Director
in binding Directors and Officers (D&O) Insurance through the
National Union Fire Insurance Company of Pittsburgh, Pennsylvania
at a one-time annual premium of $9,125.00.
JUSTIFICATION:
The policy previously in effect was extended through our broker, AON,
until October 31, 2003, while they searched for another provider.
They located a policy through the National Union Fire Insurance
Company of Pittsburgh, at slightly less than a 5% increase over the
previous premium of $8,760; the deductible, however, increased to
$25,000 over the previous policy's retention of $10,000. Attempts to
find other coverage, via our broker, were unsuccessful and as we came
closer to the extended expiration date of October 31st, I authorized
the coverage to be put in place.
FUNDING SOURCE: Joint CRA General Fund - Insurance -Liability
ACCOUNT NO.: 689004.550011.6.650
FKR/ap
OMNI/CIRA SEOPW/CRA
031 66 0 3 - 97
AGENDA ITeM
Al FINANCIAL IN --' FORMATION FORM
CRY OF MIAMI
COMMUNITY REDEVELOPMENT AGENCY
0OPW C or MNI CRA f applicable)
CRA Board Meeting Date: December 8, 2003
CRA Section: Administration
Brief description of CRA Agenda Item:
Binding Directors and Officers (D&O) Insurance through the National Union Fire
Insurance Company of Pittsburgh Pennsylvania at a one-time annual premium of
9 125.00
Project Number (if applicable): 689004
YES, there are sufficient funds in Line Item:
Index Code: _550011_ Minor: _650 Amount: $9,125.00
NO (Complete the following source of funds information):
Amount budgeted in the line item: $
Balance in the line item: $
Amount needed in the line item: $
Sufficient funds will be transferred from the following line items:
ACTION
I ACCOUNT NUMBER
TOTAL
Project No./Index/Minor Object
From
$
To
$
From
$
To
$
Comments:
Approved by:c
CRA Executive Director/Designee
MNI/CRA
APPROVALS
Verified by:
CRA Ac ee6ftn-- - -�
Verified by:
CRAi i nce Section
SEOPW/CRA
02- 97
c.�
!-r
Luis R. Sastre Jr., PE, C1C Account Executive `�j AON
Telephone: (305) 961-6175 Direct Line Florida Ir�ming WATTS: (800) 743-3486
FAX: (305) 375-8223 Cellular: #786) 586-1818
e-mail: Luis_Sastre@ars.aon.com Aon Risk Services
November 7, 2003
Ms. Antranette Edwards -Pierre
City of Miami
Community Redevelopment Agency
300 Biscayne Blvd. Way, Suite #430
Miami, Florida. 33131
RE: Directors & Officers Liability Coverage
Dear Antranette:
We are pleased to enclose a hard copy of the Confirmation of Renewal Coverage for
the policy period 10/31/03 to 10/31/04. Please review it and let us know if you have
any questions or if there are any changes or corrections needed at this time.
Also enclosed is our invoice #9600000049892 for the annual premium in the amount
of $9,125.00. Please let us have your payment as soon as possible in order to avoid
cancellation by the Company.
Sincerely,
Luis R. Sastre, Jr.
Luis R. Sastre, Jr., PE, CIC
Account Executive
0LZI/CRA
03-y 66
Aon Risk Services, Inc. of Florida
1001 Brickell Bay Drive, Suite 1100 • Miami, Florida 33131
tel: 305.372.9950 • fax: 305,372.8599 • Toll Free: 1.800.743.3486 • www.aon.com
SEOPW/CRA
03-- 97
POLICY INFORMATION
INSURED: CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY
INSURED's ADDRESS: 49 NW 5 STREET SUITE 100
MIAMI, FL 33128
TYPE OF POLICY: Not -For -Profit Protector Individual and Organization Insurance Policy
BASIC FORM: 68467 (08/97)
INSURANCE COMPANY: National Union Fire Insurance Company of Pittsburgh, Pa.
POLICY NUMBER: 547-97-04
EFFECTIVE DATE: 10/3 l /2003 ExPIRATION DATE: 10/31 /2004
LIMIT OF LIABILITY: $5,000,000
RETENTION: Judgements, Settlements & Defense Costs: $25,000
CONTINUITY DATES: Coverages A and B: 06/28/2002
Coverage C: 06/28/2002
OTHER TERMS: Per Insurer Quote/Indication Letter dated 10/28/2003 except as indicated below.
PREMIUM: $9,125
Important Conditions Of Conditional Binder: See Below
.............a. I . V,1,,.U1., J .,, r U,,,t,VG, nxcinpiary anu iviumpnea Lamages (mcluded m above): No punitive damages
coverage provided
Premium for Certified Acts of Terrorism Coverage under Terrorism Risk Insurance Act 2002:
$90 included in policy premium. Any coverage provided for losses caused by an act of terrorism
as defined by TRIA (TRIA Losses) may be partially reimbursed by the United States under a
formula established by TRIA as follows: 90% of TRIA Losses in excess of the insurer
deductible mandated by TRIA, the deductible to be based on a percentage of the insurer's direct
earned premiums for the year preceding the act of terrorism.
A copy of the TRIA disclosure sent with the original quote is attached hereto.
()MM/CRA
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SEOPW/CRA
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