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UTILTIY BOARD APPROVES RENEWAL OF INSURANCE COVERAGE

03/22/2007 ~ The Utility Board approved binding and renewing Keys Energy Servicesí (KEYS) property, boiler, and machinery insurance coverage through Key West Insurance, Inc., at a two-million deductible level, effective April 1, 2007, through March 31, 2008, at their regularly scheduled meeting on March 21st.

The insurance policies cover all KEYS owned properties for fire, windstorm, flood and machinery breakdown, with total values of $96,552,685. All of the insurance policies are required for the prudent protection of KEYS assets and meet all Bond requirements.

Key West Insurance, Inc., is currently seeking quotes from carriers for the aforementioned insurance, however, final figures will not be available until just before the current policy expires on March 31st. KEYS has budgeted $950,000 for insurance coverage and anticipates the actual premium cost to be approximately $700,000.

In other business, the Board approved a Professional Services Agreement with R.W. Beck to prepare an analysis of KEYS-owned properties with a not-to-exceed cost of $38,000. This project will help identify the values of property where KEYS currently conducts business and compare those values to the costs of relocating various operations of the utility.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday March 21st, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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