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Committee approves NFIP renewal for Mercedes-Benz Amphitheater; premium rises to $20,661
Summary
The Litigation & Insurance Committee approved renewal of National Flood Insurance Program coverage for the Mercedes-Benz Amphitheater. Staff said the premium increased from $17,775 to $20,661; NFIP rates are set nationally and cannot be competitively solicited.
The Tuscaloosa City Litigation & Insurance Committee approved renewal of National Flood Insurance Program coverage for the Mercedes-Benz Amphitheater after staff reported a year-over-year premium increase.
An unnamed committee presenter said last year's NFIP premium for the amphitheater was $17,775 and this year's premium is $20,661, an increase of roughly $2,886. "This is not something we can even get competitively. This is the National Flood Insurance Program," the presenter said, noting that flood rates for NFIP policies are set at the national level.
Committee members asked whether a proposed new savings center building would require additional flood coverage; staff said that depends on the project's finished-elevation relative to flood maps and they would review the requirement.
Mister Veil made the motion to approve the NFIP renewal; the motion was seconded and approved by voice vote.
The committee did not change the coverage or ask staff to pursue competitive options for the amphitheater policy because NFIP policies are federally administered.
