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Vero Beach moves to insure under‑insured airport buildings through FMIT
Summary
Council approved engaging the Florida Municipal Insurance Trust to provide insurance schedules for airport buildings that were uninsured or underinsured, directing staff to add premiums to lease schedules and pursue coverage quickly ahead of hurricane season.
The council voted on May 27 to engage the Florida Municipal Insurance Trust (FMIT) to cover airport buildings that had been uninsured or underinsured under lease terms.
Staff said FMIT can produce a schedule of buildings with values and associated premiums; those premiums would be added to the lease amounts for affected tenants, and staff indicated the process would not change existing lease language. The insurer and Florida League of Cities administrators told staff they could move quickly to have buildings covered before hurricane season if council authorized the step.
A motion to engage FMIT to ensure underinsured airport buildings was seconded and approved on roll call; council members recorded affirmative votes and staff will proceed with coordination and tenant notifications.
