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UTILTIY BOARD AUTHORIZES RENEWAL OF INSURANCE COVERAGE

03/23/2006 ~ The Utility Board authorized Keys Energy Services’ (KEYS) General Manager & CEO, Lynne Tejeda, to bind and renew the property, boiler, and machinery insurance coverage through Key West Insurance, Inc., effective April 1, 2006, through March 31, 2007, at their regularly scheduled meeting on March 22nd.

Key West Insurance, Inc., is currently seeking quotes from carriers for the aforementioned insurance. Each of the policies is required for the prudent protection of KEYS’ assets and personnel. An increase of 30 percent is expected but final figures will not be available until just before the current policy expires on March 31st.

In an effort to mitigate the anticipated increase, Tejeda discussed opportunities the utility has to cut some insurance costs including, eliminating the Terrorism coverage, eliminating coverage on properties that are slated for retirement, and increasing the deductible from $250,000 to $5 million.

The Board has therefore authorized Tejeda to bind and renew the insurance coverage, report the actual premium cost, and submit a budget amendment for the premium increase to the Board at an upcoming Board meeting.

In other business, the Board:

- Declared five hurricane Wilma damaged vehicles as “surplus”.

- Awarded the contract for land surveys to TerraMar Environmental Services, Inc., for a not-to-exceed cost of $24,000.00, their bid being the best complying with specifications.

The regular meeting of the Utility Board took place at 5:00 p.m., March 22nd, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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