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Committee forwards Central Subway insurance amendments after staff explain retroactive premium and tail coverage
Summary
The committee forwarded to the full board two amendments to the Central Subway insurance brokerage contract: a retroactive $684,382 premium (amendment #3) and a prospective $6,321,304 premium and two-year extension to reactivate a 10-year tail (amendment #4). Acting program manager Albert Ho explained the need is driven by higher final contract bids and schedule delays.
The Government Audit and Oversight Committee on Oct. 3 forwarded two amendments to the Central Subway OCIP insurance brokerage contract to the full Board of Supervisors after hearing from Central Subway program staff and the Budget and Legislative Analyst.
Albert Ho, acting program manager for the Central Subway program, told the committee the Owner-Controlled Insurance Program (OCIP) established in 2012 aims to make program insurance more…
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