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UTILITY BOARD APPROVES RENEWAL OF FEDERAL FLOOD INSURANCE

05/28/2008 ~ At their regular meeting on Wednesday, May 28th, the Utility Board approved the renewal of Keys Energy Services (KEYS) Federal Flood insurance with Fidelity National Property & Casualty Insurance Company through Key West Insurance, Inc.

Federal Flood insurance participation is required by the Federal Emergency Management Association to meet requirements for disaster reimbursement. The maximum policy limit is $500,000 per location with a $5,000 deductible per location. The total premium for the insurance coverage for the period June 15, 2008, through June 14, 2009, will be $115,918. The new premium is an increase of $8,061, or 7.5%, from the existing policy.

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

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