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<br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Lewis .J. Thaler, Vice Mayor <br />Isaac Aelion. Commissioner <br />Jeanette Gatto, Commissioner <br />George "Bud" Scholl, Commissioner <br /> <br />Alan .J. Cohen, City Manager <br />Hans Ottinot, City Attorney <br />.Jane A. Hines, CMC, City Clerk <br /> <br />MEMORANDUM <br /> <br />TO: The Honorable Mayor and City Commission <br /> <br />FROM: Alan J. Cohen, City Manager <br /> <br />DATE: November 9, 2011 <br /> <br />RE: APPROVAL OF BUILDER'S RISK INSURANCE FOR SUNNY ISLES <br />BEACH PIER <br /> <br />RECOMMENDATION: <br /> <br />It is recommended that the City Commission consider the attached resolution approving the <br />purchase of Builder's Risk Insurance for the Sunny Isles Beach Pier, in the amount of One <br />Hundred Eight Thousand Five Hundred Seventy-Eight Dollars and Ninety-Six Cents <br />($108,578.96). <br /> <br />REASONS: <br /> <br />The City has undertaken a redevelopment project for the Sunny Isles Beach Pier. The City has <br />entered into an agreement for construction of the Pier and construction is now set to commence. <br />As such, the City desires to obtain Builder's Risk Insurance for the pier redevelopment project. <br />Builder's risk insurance is a special type of property insurance which indemnifies the owner <br />against damage to buildings/structures while they are under construction. Builder's risk <br />insurance coverage will protect the City's insurable interests during the <br />construction/redevelopment phase of the Pier, should those items sustain physical loss or damage <br />from a covered cause. <br /> <br />The City's Property Insurance Broker, Brown and Brown Insurance, Inc., has secured a proposal <br />from Lloyds of London, in the amount of One Hundred Eight Thousand Five Hundred Seventy- <br />Eight Dollars and Ninety-Six Cents ($108,578.96) for Builder's Risk Insurance for the Sunny <br />Isles Beach Pier. <br /> <br />ADDITIONAL INFORMATION: <br /> <br />Builder's risk insurance indemnifies the policy owner against losses due to fire, vandalism, <br />lightning, wind, and similar forces. It usually does not cover acts of war or intentional acts of the <br />owner. Coverage is typically during construction period only and is intended to terminate when <br />the work has been completed and the property is ready for use or occupancy. <br /> <br />Pier Builder's Risk Insurance l\genda i'demo <br /> <br />l)~te <br /> <br />tiC- <br />Il-q- {I <br /> <br />Agenda Item <br />