2014 Dam Insurance Proposal
The LSA Board has evaluated the possibility of obtaining dam insurance as a mechanism to pay for catastrophic failure and replacement costs. The purchase of insurance is an option to reduce the risk of exposure to loss in the event of a situation that would cause the dam to fail or the water shed road area to be undermined by flooding. The loss of the dam/lake would have a catastrophic impact on the value of our homes/lots in the Lake Shannon Homeowners Association community.
Risk management and loss control related to the dam have been a topic of concern for many Lake Shannon homeowners. The dam is approximately 51 years old and has passed all inspections without issue. I wanted to present a synopsis of the proposal from Lake Agency, underwritten by Alterra American Insurance Company.
The proposed commercial property coverage for the dam is as follows:
Lake Shannon Dam: address - 8048 Driftwood Drive
Earthen structure Dam: $1,000,000 coverage
Replacement Costs
Coinsurance: 90%
Deductible: $10,000
Flood & Earthquake Deductible: $25,000
Extended Coverage:
Debris removal expense: $5,000
Pollutant clean up & removal: $10,000
Total Estimated Premium: $10,800.00 annually
Approximate cost per Property Tax ID: $23.58/year
Please plan on attending the June membership meeting for a discussion on the interest/ feasibility of securing dam insurance. Your questions can be directed to Pamela Martin at [email protected] or by phoning 810-714-0930. The complete insurance proposal can be found by downloading the file below.
Risk management and loss control related to the dam have been a topic of concern for many Lake Shannon homeowners. The dam is approximately 51 years old and has passed all inspections without issue. I wanted to present a synopsis of the proposal from Lake Agency, underwritten by Alterra American Insurance Company.
The proposed commercial property coverage for the dam is as follows:
Lake Shannon Dam: address - 8048 Driftwood Drive
Earthen structure Dam: $1,000,000 coverage
Replacement Costs
Coinsurance: 90%
Deductible: $10,000
Flood & Earthquake Deductible: $25,000
Extended Coverage:
Debris removal expense: $5,000
Pollutant clean up & removal: $10,000
Total Estimated Premium: $10,800.00 annually
Approximate cost per Property Tax ID: $23.58/year
Please plan on attending the June membership meeting for a discussion on the interest/ feasibility of securing dam insurance. Your questions can be directed to Pamela Martin at [email protected] or by phoning 810-714-0930. The complete insurance proposal can be found by downloading the file below.
| 2014-04-08_dam_ins_proposal_lake_agency.pdf |