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City staff propose removing certain structures from property policy to reduce premium by about $800,000
Summary
An insurance consultant recommended removing hardened water/wastewater treatment structures and non-rebuildable/disposal-targeted properties from the city’s property schedule after an updated appraisal raised the total insured value; projected premium savings are nearly $800,000.
At the Fort Myers City Council workshop, insurance consultant Ben Few of Ben Few & Company urged the council to consider removing two categories of assets from the city’s property-insurance schedule after a recent appraisal raised total insured value from $321 million to about $498 million.
Few said the proposed removals are limited to (1) hardened water and wastewater treatment plant structures (masonry, noncombustible, poured concrete) and (2) properties the city intends to dispose of or that likely could not be rebuilt to the same standard. "Those in red represent $65,000,000 in appraised value," he told the council, and removing them from the policy would help make the program more efficient; staff estimated nearly $800,000 in premium savings under the recommended exclusions.
Council members asked for a printed schedule showing each building and its assigned value and asked staff to identify which currently insured properties would remain covered and which would be removed. Staff agreed to provide the detailed statement of values before renewal and to return with a printed spreadsheet to facilitate a vote at the renewal.
