The Ponca City Development Authority (PCDA) Board of Trustees approved an expense of $50, 499. 90 with the Rick Myers Agency to renew the commercial insurance policy from the Oklahoma Municipal Assurance Group insuring PCDAowned and leased real and personal property during their meeting on Sept. 10.
PCDA owns four buildings, City Central, Log10, Cookshack, and the hangar. Log10, Cookshack and the hangar are insured by the tenants and PCDA does not have to provide coverage for those structures.
This item deals with providing insurance coverage for the PCDA owned and leased structures not insured by the tenants. This has been an important factor in the past as damage done to the north roof of the City Central building during a wind event in May has already resulted in a claim payment. In addition, commercial insurance provides protection against accidents that could happen on PCDA property protecting taxpayer funds.
Overall, the charge of $50,699.90 is a four percent increase over the previous year’s premium. Last year’s premium included coverage for the hangar. The premium for the City Central building increased by 17% from $38,997 to $45,702. This was due to a reassessment of the building by the insurance company, the Oklahoma Mutual Assurance Group, which raised it’s valuation of the building from $10,350,700 which included the building, fixtures, equipment and PCDA-owned furniture, to $18,220,200 for coverage of the same item.