|
|
| August 8, 2024, City Council Regular Meeting | |
| Title 27. Added Item (Airport Commission): Approval to Purchase 2024-2025 Property Liability Insurance with Sterling Seacrest Pritchard Inc., in the Amount of $1,563,444. | |
| Strategic Priority Good Government | |
| Description The Savannah Airport Commission initiated an insurable replacement cost appraisal to better value the property owned by the Commission. This appraisal increased the Commission’s exposure from $194,163,368 million to $347,260,568 million. Sterling Seacrest secured $200 million of coverage from Cincinnati and layered additional coverage from various providers to reach the full exposure. Due to the increase in the Commission’s exposure, the annual insurance premium increased from $807,187 to $1,563,444. | |
| Recommendation Approval | |
| Contact Dawoud Stevenson, Director, Program Management | |
| Financial Impact Expenditure of $1,563,444 from the Savannah Airport Commission Fund | |
| Review Comments | |
|
Attachments No attachments available |
|
|
