Attachment C Expiring Policy ITB 15-84131510-W Contractors Equipment Insurance
Account Name: STATE OF FLORIDA Proposal Date: 06/27/2016 Quote Number: 001-001 Proposed Effective Date: 07/01/2016 Proposed Expiration Date: 07/01/2017 IM PAK CONTRACTORS EQUIPMENT Coverage Limit of Insurance Rate Premium Listed Items Reporting $10,484,559 $0.5000 $52,423 Unlisted Items Reporting $5,000 Varies Included Maximum Any One Unlisted Item $1,000 Leased or Rented Any One Item (flat charge) Coverage Extensions Newly Acquired Contractors Equipment $250,000 Replacement Items Rental Cost Per Item $25,000 Loss To Any One Replacement Item $100,000 Continuing Rental Payments $500,000 Varies Included No Coverage Maximum Amount Of Payment $10,989,559 Earth Movement $10,989,559 Earth Movement Annual Aggregate $10,989,559 Flood $10,989,559 Flood Annual Aggregate $10,989,559 Windstorm Deductible Included Basic Deductible $1,000 Specific Deductible Flood Earth Movement Windstorm Premium Total Annual (includes deposit premium) See Special Conditions See Special Conditions See Special Conditions See Special Conditions $52,423 Minimum Earned None Reporting and Premiums Page 2 of 9
Reporting Period Premium Adjustment Period Quarterly Annual Listed/Unlisted Items Reporting Reported Values Premium Base $10,489,559 Adjustment Rate $0.2500 Deposit Premium $52,423 Valuation Listed Items and Unlisted Items (if covered): See Special Conditions Leased or Rented Items (if covered): Legal Liability Up To Replacement Cost Coinsurance 80% Coverage Modifications and Enhancements See Attached Listing Special Conditions Contractor's Equipment Deductible Schedule: Equipment valued at $10,000 or less: $1,000 Per Occurrence Equipment valued at $10,001 up to $200,000: $5,000 Per Occurrence Equipment valued greater than $200,000: $10,000 Per Occurrence Unlisted Items including Employee Tools: $1,000 Per Occurrence *************************************************************** Valuation Clause: A. The Coinsurance Additional Coverage Condition applicable to "Contractors Equipment" in Section E - ADDITIONAL COVERAGE CONDITIONS is replaced by the following: "Contractors Equipment" Coinsurance a. Listed Items The Limit of Insurance for each item must equal at least the percentage of its value shown below at the time of loss or damage or you will incur a penalty: (1) Applicable to items less than 5 years old from the date of manufacture: 80% of its replacement cost; and (2) Applicable to items over 5 years old from the date of manufacture: 80% of its actual cash value. The Penalty is that we will pay only the proportion of any loss or damage to each item that the Limit of Insurance for the item bears to the percentage of its applicable value. b. Unlisted Items The Unlisted Limit of Insurance shown in the Declarations must equal at least 80% of the actual cash value of all Unlisted Items at the time of loss or damage or you will incur a penalty. Page 3 of 9
The Penalty is that we will pay only the proportion of any loss or damage that the Limit of Insurance for Unlisted Items bears 80% of the actual cash value of all Unlisted Items at the time of loss or damage. The coinsurance penalty does not apply to leased, rented or borrowed items unless such items are shown as Listed Items. B. The Valuation Additional Coverage Condition applicable to "Contractors Equipment" in Section E - ADDITIONAL COVERAGE CONDITIONS is replaced by the following: "Contractors Equipment" Valuation In the event of loss or damage, the value of your "Contractors Equipment" as of the time of loss or damage will be determined as shown below: a. Listed Items less than 5 years old from the date of manufacture at the time of loss or damage will be valued at the least of the following: (1) The cost to replace the property (without deduction for depreciation) with other property: (a) Of comparable material and quality; and (b) Used for the same purpose. (2) The cost of reasonably restoring that property to its condition immediately before loss or damage; or (3) The amount you actually spend that is necessary to repair or replace the property. We will not pay on a replacement cost basis until the property has actually been repaired or replaced. If the property is not repaired or replaced, we will pay on an actual cash value basis. b. Listed Items over 5 years old from the date of manufacture at the time of loss or damage will be valued at the least of the following: (1) The actual cash value of that property; But in the event of partial loss or damage, not exceeding 20% of the Limit of Insurance applicable to the Covered Property, no depreciation will be applied in the settlement of the claim; (2) The cost of reasonably restoring that property to its condition immediately before loss or damage; or (3) The cost of replacing that property with substantially identical property. c. Unlisted Items will be valued at the least of the following: (1) The actual cash value of that property; But in the event of partial loss or damage, not exceeding 20% Page 4 of 9
of the Limit of Insurance applicable to the Covered Property, no depreciation will be applied in the settlement of the claim; (2) The cost of reasonably restoring that property to its condition immediately before loss or damage; or (3) The cost of replacing that property with substantially identical property. d. Leased, Rented Or Borrowed Items The value of Leased, Rented or Borrowed Items will be the amount of your legal liability, not to exceed the replacement cost.... Page 5 of 9
Account Name: STATE OF FLORIDA Proposal Date: 06/27/2016 Quote Number: 001-001 Proposed Effective Date: 07/01/2016 Proposed Expiration Date: 07/01/2017 IM PAK COVERAGE MODIFICATIONS AND ENHANCEMENTS IM PAK Coverage Modifiers 0113 Cofferdam and Waterborne Exclusion 0674 Reporting Provisions - Contractors Equipment Listed/Unlisted Items 0793 List Of Property On File - Contractors Equipment 0795 Unlisted Items Including Employees Tools IM PAK Coverage Extensions and Additional Coverages Additional Coverage Limit of Insurance Fire Protective Systems Up to $75,000 Valuable Papers and Records Up to $50,000 Debris Removal Up to 25% / $75,000 Fire Department Service Charge Up to $25,000 Pollutant Clean Up and Removal Up to $25,000 Inventory, Appraisals, and Loss Adjustment Expenses Up to $5,000 Contractors Equipment Expediting Expenses Up to $2,500 Expendable Supplies Up to $1,000 Reward Coverage (not applicable in NY) Up to 25% / $2,500 Page 6 of 9
Account Name: STATE OF FLORIDA Proposal Date: 06/27/2016 Quote Number: 001-001 Proposed Effective Date: 07/01/2016 Proposed Expiration Date: 07/01/2017 PREMIUM SUMMARY PROPOSAL SUMMARY Coverage Premium Minimum Earned Premium IM PAK Contractors Equipment $52,423 None Account Total $52,423 * The estimated premium(s) shown above may differ from actual premium(s) shown on the policies and installment bills due to installment charges, estimated taxes and surcharges, as well as rounding. PREMIUM COMMENTS/TAXES AND SURCHARGES Inland marine coverage is NO longer subject to the 2.2% FL Surcharge. PAYMENT PLAN Agency Bill Prepaid COMMISSION Inland Marine Commission 15% OTHER FORMS CM T5 60 Blanket Loss Payees (applies to IM PAK coverages only) IL T3 82 Exclusion of Loss Due to Virus or Bacteria IL T4 12 Amendment Of Common Policy Conditions Prohibited Coverage Unlicensed Insurance And Trade Or Economic Sanctions IL T4 14 Cap On Losses From Certified Acts Of Terrorism Applicable endorsement and/or modifier relating to exclusion of certain computer related losses due to dates or times will also apply. RENEWAL POLICY NUMBER(S) (if proposal accepted) QT-660-9D916011-TIL-16 COMMENTS The rate may be modified anytime by Travelers for the following reasons: a. The Loss Ratio for an annual 12 month period beginning July 1, 2014 exceeds 35% or b. There are changes in coverage terms, conditions, exclusions or exposures. Page 7 of 9
Important Notice Regarding Compensation Disclosure For information about how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: http://www.travelers.com/w3c/legal/producer_compensation_disclosure.html If you prefer, you can call the following toll-free number: 1-866-904-8348. Or you can write to us at Travelers, Enterprise Development, One Tower Square, Hartford, CT 06183. Page 8 of 9
Terrorism Risk Insurance Act Disclosure The federal Terrorism Risk Insurance Act of 2002 as amended ( TRIA ) establishes a program under which the Federal Government may partially reimburse Insured Losses (as defined in TRIA) caused by Acts Of Terrorism (as defined in TRIA). Act Of Terrorism is defined in Section 102(1) of TRIA to mean any act that is certified by the Secretary of the Treasury in consultation with the Secretary of Homeland Security and the Attorney General of the United States to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. The Federal Government s share of compensation for such Insured Losses is established by TRIA and is a percentage of the amount of such Insured Losses in excess of each Insurer s Insurer Deductible (as defined in TRIA), subject to the Program Trigger (as defined in TRIA). Through 2020, that percentage is established by TRIA as follows: 85% with respect to such Insured Losses occurring in calendar year 2015. 84% with respect to such Insured Losses occurring in calendar year 2016. 83% with respect to such Insured Losses occurring in calendar year 2017. 82% with respect to such Insured Losses occurring in calendar year 2018. 81% with respect to such Insured Losses occurring in calendar year 2019. 80% with respect to such Insured Losses occurring in calendar year 2020. In no event, however, will the Federal Government be required to pay any portion of the amount of such Insured Losses occurring in a calendar year that in the aggregate exceeds $100 billion, nor will any Insurer be required to pay any portion of such amount provided that such Insurer has met its Insurer Deductible. Therefore, if such Insured Losses occurring in a calendar year exceed $100 billion in the aggregate, the amount of any payments by the Federal Government and any coverage provided by this policy for losses caused by Acts Of Terrorism may be reduced. For each coverage provided by this policy that applies to such Insured Losses, the charge for such Insured Losses is included in the premium for such coverage and is listed below. Such charges do not include any charge for the portion of such Insured Losses covered by the Federal Government under TRIA. Coverage Commercial Inland Marine Included Charge For Insured Losses 1% of the Commercial Inland Marine Coverage premium. Page 9 of 9