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UTILITY BOARD APPROVES INSURANCE RENEWAL

09/28/2005 ~ The Utility Board approved the renewal of General Liability, Public Officials, Automobile, Excess Liability, Crime, and the Employee Retirement Income Security Act (ERISA) insurance through Key West Insurance, Inc., effective October 1, 2005, through September 30, 2006, for a total premium amount of $245,592.

These policies cover General Liability with a $10,000 deductible, Public Officials with a $50,000 deductible, Automobile with a $5,000 deductible, Excess Liability, Crime and ERISA insurance. The General Liability deductible increased from no deductible to $10,000 and the Public Officials deductible increased from $25,000 to $50,000. The premium for Fiscal Year 2006 decreased $15,449 compared to the Fiscal Year 2005 premium of $261,041. Each of the aforementioned policies is required for the prudent protection of Keys Energy Services’ (KEYS) assets and personnel.

In other business, the Board:

- Approved an amendment to KEYS’ Management Compensatory (Comp) Leave Policy allowing management employees the option of using comp time hours earned within a 12-month period, as opposed to a six-month period. Management employees will also have the option of banking up to 80 hours of comp time, with the option of being paid out hour-for-hour for anything over 40 hours, but less than 80 hours. Anything banked over 80 hours will have to be paid out hour-for-hour.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, September 28th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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