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UTILITY BOARD APPROVES BINDING & RENEWING INSURANCE COVERAGE

05/13/2010 ~ The Utility Board approved binding and renewing Keys Energy Services’ (KEYS) flood insurance coverage with Fidelity National Property & Casualty Insurance Company through Key West Insurance, Inc. at their regular meeting on May 12th.

Federal Flood insurance participation is required by the Federal Emergency Management Association (FEMA) to meet requirements for a disaster reimbursement. KEYS’ cost for policy year June 15, 2010, through June 14, 2011, is $118,615, which is an increase of $2,697, or 2.3-percent, as compared to the existing policy. Key West Insurance, Inc. and KEYS’ staff informed the Board that the premium increase is reasonable for a federal program.

In other business, the Board awarded a contract for coating Transmission Line (TIELINE) power poles in the vicinity of the 7-Mile bridge to West Florida Maintenance, Inc., for an estimated amount of $54,180.

KEYS’ staff has identified approximately 18 steel transmission poles near the 7-Mile Bridge that have minor to moderate rust at their bases. The project will consist of coating the exterior and interior portions of the pole bases with a rust inhibitor to prolong the life and reliability of the poles.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, May 12th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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