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Home My WebLink AboutR-2015-056 Flood Insurance 1001 Argosy Parkway RESOLUTION NO. R— 2015-056 A RESOLUTION AUTHORIZING THE PURCHASE OF FLOOD INSURANCE FROM THE HARTFORD INSURANCE COMPANY OF THE MIDWEST FOR PROPERTY LOCATED AT 1001 ARGOSY PARKWAY IN AN AMOUNT NOT TO EXCEED$12,911.00 WHEREAS, the City of Riverside has a need for flood insurance coverage at 1001 Argosy Parkway; and WHEREAS, the City of Riverside in the adoption of its purchasing policy requires all expenditures in excess of$10,000 to be presented to the Board of Aldermen for approval and the City's insurance carrier for flood insurance required at 1001 Argosy Parkway has presented an invoice in the amount of$12,911.00 for such insurance coverage; and WHEREAS, funds for such purpose were budgeted in the Fiscal Year 2015-2016 budget; and WHEREAS, the Board of Aldermen find it is in the best interest of the citizens of the City of Riverside to authorize acquisition of such insurance coverage and approve the payment to Hartford Insurance Company of the Midwest for flood insurance coverage for property located at 1001 Argosy Parkway, in an amount not to exceed $12,911.00. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: THAT, the acquisition of such insurance coverage and payment to Hartford Insurance Company of the Midwest for flood insurance coverage on property located at 1001 Argosy Parkway, in an amount not to exceed $12,911.00 is hereby authorized and approved; and FURTHER THAT the Mayor, City Administrator, or either of their designees, are hereby authorized to execute all documents necessary or incidental to this transaction and the City Clerk is authorized to attest thereto. PASSED AND ADOPTED by the Board of Aldermen and APPROVED by the Mayor of the City of Riverside, Missouri, the day of August, 2015. D li", r Kathleen L. Ros AT r, Robin.Kincaid, City Clerk . g.. POLICY NUMBER: 99012806252014 Hartford Insurance Company of the Midwest FLOOD INSURANCE RENEWAL PREMIUM NOTICE IMPORTANT: THIS FLOOD INSURANCE POLICY WILL EXPIRE: 9/05/2015 PAYOR NAME&MAILING ADDRESS PRODUCER NAME&MAILING ADDRESS Ill�t�ttlL'I�III'�Ittllt'LII'�I�II'�IItt�ILltlttl�td�l�lll�ll >000303 5451427 0001 092201 20Z CITY OF RIVERSIDE MISSOURI PRODUCER4:03668-00000-000-00001 2950 NW VIVION RD COWELL INSURANCE GROUP INC RIVERSIDE,MO 64150-1502 10525 N AMBASSADOR DR STE 301 KANSAS CITY,MO 64153-1284 (816)587-4419 INSURED NAME LOCATION OF INSURED PROPERTY 1001 ARGOSY PARKWAY CITY OF RIVERSIDE MISSOURI RIVERSIDE,MO 64150-0000 0 o BUILDING DESCRIPTION: RESTROOMS If you are no longer responsible for the payment of the premium on this policy please notify your agent. o COVERAGE DEDUCTIBLE PREMIUM OPTIONS N BUILDING BUILDING 0 1. Option 1 includes a 10%increase in $215,400 $1,250 o the amount of building coverage and N a 5%increase in the amount of 1 $13,119.00 8CONTENTS CONTENTS contents coverage. $3,400 $1,250 N V COVERAGE DEDUCTIBLE PREMIUM OPTIONS 2. Option 2 is the amount of insurance BUILDING BUILDING M coverage currently in force. $195,800 $1,250 0 2 $12,911.00 CONTENTS CONTENTS $3,200 $1,250 pease Sign NOTE:If payment is sent via Certified Mail,the postmark date is used as the premium receipt date, ; ,1 .APpr oval to Pay ensuring the earliest receipt date possible.Certified Mail can also be tracked at www.usps.com. 1, Please contact your insurance representative with any questions or policy changes. If paying by CHECK,please detach and return bottom remittance portion with your payment in the enclosed envelope. Print Date: 7/07/2015 PLEASE DO NOT STAPLE INSURED NAME&MAILING ADDRESS CITY OF RIVERSIDE MISSOURI PRODUCER 03668 000000000000001 m 2950 NWVIVIONRD RIVERSIDE,MO 64150-1502 POLICY NUMBER 99012806252014 RENEWAL EFFECTIVE DATE: 9/05/2015 Payment must be received by the due date to retain the Policy Effective Date PAYMENT DUE BY: 9/05/2015 S SELECT COVERAGE OPTION: .CHECK PAYMENT COUPON ONLY ❑ $13,119 X $12,911 Make check payable to: (See reverse side for credit card payment option.) HARTFORD FIRE INSURANCE COMPANY Ih1Ih11h1111Ja1hJ111t11111J11�1�II�JJ1t1111J1t11h1 Please see the enclosed notice for important information HARTFORD FIRE INSURANCE COMPANY about your policy renewal. PO Box 731178 Dallas,TX 75373-1178 990128062520141968211780013119000012911006 CREDIT CARD COUPON ONLY CITY OF RIVERSIDE.MISSOURI Select a Payment Option: (See reverse side for check payment option.) 2950 NW VIVION RD RIVERSIDE,MO 64150-1502 1.To pay online,log on to:www.MyF]ood.com PIN: F070109894000 2.To pay by phone,call(866)667-9739 POLICY NUMBER 99012806252014 3.To pay by mail complete the information below,detach,and return in the enclosed envelope. wLSA MASTERCARD []ANIERICANEXPRESS DISCOVER PAYMENT DUE BY: 9/05/2015 CARD NUMBER SELECT COVERAGE OPTION: El $13,119 El $12,911 EXPIRATION DATE: / I I I I I1111111111oil it 111I6nle III a III II it 66116u16III I CARDHOLDER NAME CARDHOLDER PHONE NUMBER HARTFORD FIRE INSURANCE COMPANY CARDHOLDER BILLING ADDDRESS CARDHOLDER BILLING ZIP CODE PO BOX 2057 Kalispell,MT 59903-2057 CARDHOLDER SIGNATURE. This Polity is wt wb)oct to ceadlnion IBr,easons other than now wt forth in the National Hood Intonw , Program noes and regulations.In masers Involving billing disputes,cancellation is not available other than for billing Prue, ,e,ror or Bnud. Payment must be received by the due date to retain the Policy Effective Date POLICY NUMBER: 99012806252014 Hartford Insurance Company of the Midwest FLOOD INSURANCE RENEWAL PREMIUM NOTICE IMPORTANT: THIS FLOOD INSURANCE POLICY WILL EXPIRE: 9/05/2015 PAYOR NAME&MAILING ADDRESS PRODUCER NAME&MAILING ADDRESS CITY OF RIVERSIDE MISSOURI PRODUCER#:03668-00000-000-00001 2950 NW VIVION RD COWELL INSURANCE GROUP INC RIVERSIDE,MO 64150-1502 10525 N AMBASSADOR DR STE 301 KANSAS CITY,MO 64153-1284 (816)587-4419 INSURED NAME LOCATION OF INSURED PROPERTY 1001 ARGOSY PARKWAY CITY OF RIVERSIDE MISSOURI RIVERSIDE,MO 64150-0000 BUILDING DESCRIPTION: RESTROOMS If you are no longer responsible for the payment of the premium on this policy please notify your agent. COVERAGE DEDUCTIBLE PREMIUM OPTIONS_ BUILDING BUILDING 1. Option 1 includes a 10%increase in $215,400 $1,250 the amount of building coverage and a 5%increase in the amount of 1 $13,119.00 contents coverage. CONTENTS CONTENTS $3,400 $1,250 2. Option 2 is the amount of insurance COVERAGE DEDUCTIBLE PREMIUM OPTIONS_ BUILDING BUILDING coverage currently in force. $195,800 $1,250 2 $12,911.00 CONTENTS CONTENTS $3,200 $1,250 NOTE:If payment is sent via Certified Mail,the postmark date is used as the premium receipt date, ensuring the earliest receipt date possible.Certified Mail can also be tracked at www.usps.com. Please contact your insurance representative with any questions or policy changes. Please see the enclosed notice for important information about your policy renewal. Print Date: 7/07/201.5 Important Information 1. The policy enclosed will expire at 12:01 A.M. on the date shown unless the renewal payment is received by the Flood Insurance Processing Center within 30 days of the expiration date, in which case the policy will be renewed without any lapse in coverage. If the payment is not received within 30 days of the expiration date, the policy may be renewed and a thirty-day waiting period, commencing from the date premium is received,will apply before coverage is effective. 2. CERTIFIED MAIL- In those cases where the renewal premium payment and this notice are mailed to the Flood Insurance Processing Center via Certified Mail, the date the premium was mailed will be considered the date of receipt. Certified Payment Address Overnight Address Flood Insurance Processing Center Flood Insurance Processing Center PO Box 2057 555 Corporate Drive Kalispell, MT59903-2057 Kalispell, MT59901-6074 0 0 0 N O r 3. If the premium is not received by the expiration date, any mortgagee of record for the insured property, ry as indicated on the Policy Declarations Page,will be provided written notice of expiration. 0 0 a 0 8 4. Replacement cost coverage is provided under the Standard Flood Insurance Policy Dwelling Form for N a SINGLE FAMILY DWELLING, which is the insured's principal residence, provided the amount of building insurance is at least 80%of the replacement cost value of the structure at the time of loss or is the maximum coverage amount available under the national Flood Insurance program, whichever is M less. This applies to building coverage only. Please contact your agent for details. 0 0 5. To avoid a co-insurance penalty, buildings insured under the Residential Condominium Building Association Policy must be insured within 80%of the replacement cost value of the building at the time of the loss. Please contact your agent to review the coverage amount and replacement cost of the building to ensure the building is not underinsured. 6. If the payor information on this form is incorrect,please notify the agent immediately. The agent should be advised to notify the Flood Insurance Processing Center of the correct payor name. REGO507 r Manage Your Flood Insurance Policy & Report a Flood Loss at www. MyFlood.com, Now Mobile-Friendly To better serve our valued policyholders, we are pleased to provide you with online flood insurance policy management and the ability to report a flood loss online. It's all now available on your mobile device. Accessing the online management system is easy, simply follow the steps below: 8 m 0 1. Go to www.MvFlood.com 0 N 2. Login $ Create an account with your flood insurance N • N policy number and PIN found on your renewal bill • Or, login without an account using your flood insurance policy number 3. Follow the prompts to: • pay your flood insurance renewal bill online • report a flood loss » review all policy payment transactions • view and print your policy declaration page or renewal notice • review your open claim summary page • bookmark MyFlood.com to visit us again MY . . 4 92201 onlineA Flood Insurance Premiums IMPORTANT NOTICE Policies Effective April 1, 2015 Your flood insurance policy is underwritten by the National Flood Insurance Program (NFIP); thus, your flood insurance premiums are subject to laws passed by Congress. Most recently, the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) made significant changes to the calculation of NFIP premiums. Below is a high level overview of these changes; and will hopefully help to answer your questions as to why your flood insurance premiums may have changed. 0 0 o Rates,fees, surcharges, and assessments that makeup your premium are 0 established by the NFIP. v N O - • Premiums are increasing for many flood insurance policyholders whose policies are effective April 1, 2015 and later. 8 o HFIAA legislation caps premium increases, but did not eliminate increases. N N • Many increases are a result of the following: 0 o Rate increases o Reserve Fund Assessment increases as required by the Biggert-Waters Flood Insurance Reform Act of 2012 o HFIAA Surcharge • This surcharge is a flat fee of$25 for primary residence policies and $250 for all other policies. This surcharge is not associated with the flood zone or construction date of the building. For more information about the HFIAA surcharge, please . . , . o Increases to the Federal Policy Fee o Please note, the surcharges and Federal Policy Fees are not subject to the premium rate increase limitations set forth by HFIAA. Please go to the link listed below for more resources and information. hftp://www.fema.gov/n ation a I-flood-insurance-progra m/flood-i n su ran ce-reform APR2015CHGV4 New Deductible Options OPTIONAL INCREASED DEDUCTIBLES MAY BE USED TO HELP REDUCE PREMIUMS Policies Effective April 1, 2015 • If your policy is effective April 1, 2015 or after, a new$10,000 deductible is now available for all residential properties, except Preferred Risk Policies (PRPs). • IMPORTANT: In the event of a flood loss, you will be responsible for the out-of- pocket amount based on the deductible selected. • Mortgage companies may have certain deductible requirements and may not allow a borrower to increase deductibles over a certain amount. o Please check with your mortgage company for any limitations. Please Contact Your Insurance Representative o Discuss Deductible Options APR2015CHGV4