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UTILITY BOARD APPROVES RENEWING WINDSTORM COVERAGE

04/10/2014 ~ The Utility Board approved renewing Keys Energy Servicesí (KEYS) windstorm insurance coverage with Citizenís Property Insurance Corporation at their regular meeting on April 9th. The renewal period is for May 1, 2014, through April 30, 2015, at a cost of $96,211.

The policy covers KEYSí owned non-generation properties at its Stock Island facility up to a limit of $1-million per building and contents combined, with a three-percent deductible. Citizenís Property Insurance Corporation was the only insurance company to offer windstorm insurance for non-generating properties. This yearís premium represents an increase of $5,858, or 6.5-percent, above the previous year.

Additionally, KEYS recently renewed the windstorm insurance coverage for its James Street Service Building location effective April 1, 2014, through March 31, 2015, for a premium of $13,072, also with Citizenís. This premium represented an increase of $1,096, or 9.2-percent.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, April 9th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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