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zr ora <br /> J 4QpM.....,•~y'. <br /> <br /> Stephen K. Yamashiro i Harry A. Takahashi <br /> ';L'/ <br /> Mayor Director <br /> +j~r S.K. Schutte <br /> ,E oi•M~i Deputy <br /> ~ixixix~~ a~ ~t~fu~ii <br /> DEPARTMENT OF FINANCE <br /> 25 Aupuni Street, Room l18 Hilo, Hawaii 96720-4252 <br /> (808) 961-8234 Fax (808) 961-8248 L <br /> November 26, 1997 <br /> rn <br /> Memorandum = <br /> To: Mr. Harry A. Takahashi, Director of Finance <br /> From: Bill Grayy~ Purchasing Agent <br /> Re: County Property insurance <br /> We have received a very attractive offer from our agent, AON, to <br /> switch coverage to Royal Insurance. While there are several <br /> attactive features of the Royal Policy vs. our current coverage <br /> with Crum & Forster, the principle one is the hurricane <br /> coverage. Under our current policy. the deductible is 5% of the <br /> value, and the policy excludes all frame structures. Under the <br /> proposed Royal policy, the deductible would be reduced to only <br /> 2% and all structures would be covered. <br /> The annual premium for this coverage would be $140,405.00. I <br /> anticipate needing to add other new facilities, such as the Ka'u <br /> Police Station, during the balance of the year. We have <br /> currently $133,435.00 available in the account. I am requesting <br /> an additional $12,565.00 from the fund balance. This will give <br /> us a total of $146,000.00 which I believe will be adequate to <br /> meet our needs for the balance of the fiscal year. <br /> Your approval to submit the request for additional funds to <br /> cover the increased premium out of the fund balance to Council <br /> is appreciated. <br /> APPROVED/DISAPPROVED '~~--1 .I 1 ~ ~ - <br /> 1't~~ ..CwS- ~ Z~ , <br /> ~ ' <br /> ~t~~~-~~ <br /> Harry A. Takahashi <br /> Director of Finance <br /> <br />