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Published byDennis Banks Modified over 9 years ago
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Fort Ord Reuse Authority (FORA) Environmental Services Cooperative Agreement (ESCA) Remediation Program (RP) 1 FORA Environmental Liability Insurance Presentation by: Barry Steinberg, Kutak Rock April 12, 2013 – Board of Directors Meeting
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Current PLL Coverage 2 Coverage includes: ◦Cleanup costs (including investigation) ◦Personal injury/property damage ◦Defense costs Coverage for: ◦Explosive risk/MEC ◦Other pollution conditions
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Current Policy Terms and Conditions 3 Ten-Year Term $100M Expiration 31 DEC 2014 Named insured – FORA Additional named insured – local land owning jurisdictions Developers – portions of jurisdictions’ coverage
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Impact of Coverage Expiration 4 Self-insured/uninsured Limited funds available from ESCA Grant Loss of continuity of coverage upon property transfer MEC event – very low likelihood, catastrophic consequences
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Options 5 Go naked! – general fund risk Use remaining PLL ESCA grant funds to help purchase new policy Ten-year policy will permit continuity of coverage for land-holding jurisdictions after FORA demise Single policy avoids cross-border disputes Reduced limits?
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