Reso 2013-2098 - Laserfiche WebLink

Home Browse Search

1 Attachment number 1 Page 42 of 42 ® PREFERRED GOVERNMENTAL INSURANCE TRUST "Preferred" NOTICE AND ACKNOWLEDGEMENT OF FINANCIAL CONDITION Brown&Brown of Miami and its parent company, Brown&Brown,Inc. (collectively"Brown&Brown") do not certify,warrant or guarantee the financial soundness or stability of any insurance carrier or alternative risk transfer or pooling entity. We endeavored to place your coverage with an insurance carrier with an A.M. Best Company financial rating of"A-"or better.* While Brown& Brown cannot certify, warrant or guarantee the financial soundness or stability of any insurance carrier or alternative risk transfer or pooling entity or otherwise predict whether the financial condition of any such entity might improve or deteriorate,we are hereby providing you with notice and disclosure of financial condition so that you can make an informed decision regarding the placement of coverage. Accordingly,with receipt of this notice you acknowledge the following with regard to the placement and any subsequent renewal of the coverage indicated below: • Brown&Brown attempted to present other options for your insurance placement, including quotations with insurance carriers holding an"A-"or better rating from A.M. Best Company,but we were unable to secure such a quote.. • Coverage is being placed through Preferred Governmental Insurance Trust("Preferred"), which is as a Florida local government self-insurance fund established pursuant to Section fp624.4622,Florida Statutes,as such Preferred is not rated by the A.M. Best Company. • Preferred is not subject to the protections afforded by any state guaranty fund or association. • The financial condition of insurance companies and other coverage providers including local government self-insurance funds like Preferred may change rapidly and that such changes are beyond the control of Brown& Brown. • You should review the financial and membership information from Preferred and agree to abide by the conditions of membership established by Preferred. • You should consider the information provided, including the Preferred coverage quote and coverage placement and review it with your accountants, legal counsel and advisors. By:[NAME OF AUTHORIZED REPRESENTATIVE OF INSURED] Named Insured: City of Sunny Isles Beach Policy Number: PKFL101320261210 Policy Period: 10/01/13 TO 10/01/1 Date of Notice: 09/04/2013 *A.M. Best Rating Guide: Rating for Stability: A++to D=Highest to lowest rating Rating for Assets/Surplus: 15 to 1 -Largest to smallest rating Agenda Item No.IOA 42 106