Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
Board approves extension of builder’s‑risk insurance and renews county coverage package
Summary
Osceola County supervisors authorized a short‑term extension of builder’s‑risk insurance for the county jail construction and accepted the broader insurance renewal package, including options for higher cyber and excess‑liability limits.
Osceola County supervisors voted to extend builder’s‑risk insurance for the county’s new jail construction and to approve the county’s insurance renewal package during their meeting on June 23, 2026.
The board considered a proposal from insurance representatives led by Bill (insurance representative) and Megan Hurst, program manager at ICAP, who explained that builder’s‑risk coverage for the project would expire July 15 and that an extension through the end of October was available for a premium of $8,874 (roughly 13 weeks), prorated if the project finished earlier. “If it finishes early, we can cancel it and the carriers will prorate the premium,” Bill said. Megan Hurst noted that ICAP typically adds the property to the county’s schedule once the facility reaches occupancy or a certificate of occupancy is issued.
The presenters also summarized the county’s indemnity and property limits under the renewal: general liability limits, auto and law enforcement coverages, and a $1 million cyber policy currently in force. Staff discussed options to raise cyber coverage to $2 million for about $10,576 per year and to add additional excess‑liability layers for modest additional premiums. The board discussed deductibles and tradeoffs, including common claims such as windshield and deer strikes on county vehicles.
After questions about timing and risk exposure, a board member moved to buy the recommended builder’s‑risk extension through October and to accept the insurance package as presented; the motion passed by voice vote. The county record shows the board chose the extension to avoid a coverage gap between the existing builder’s‑risk policy and the point at which the new facility can be added to the county’s property schedule.
The county will sign the required policy documents and monitor occupancy milestones so the builder’s‑risk coverage can be canceled and premiums prorated if the jail reaches occupancy earlier than October. Board members also discussed bringing ICAP’s law‑enforcement risk control specialist for a site visit before adding the facility to the county schedule.
