Fiscal Risk in Addition to Risk of Life: $55,285,498
Currently concerns for flood and earth movement coverage for the Black River Technical College public entity insurance plan have been focused on the lack of availability and/or capacity of coverage, at any price. Reinsurance markets seem to be increasing prices or pulling back capacity, which in turn causes the primary company layers to follow. Higher deductibles are almost a certainty going forward.
- In 2011 the Final Proof of Loss was $2,928,055.73. Affected buildings included the following:
- Law Enforcement Training Academy,
- Health Science Center,
- Adult & Community Education Center, and
- Randolph Community Development Center.
- In 2017 the Final Proof of Loss was $4,566,177.49. Additional buildings were affected.
BRTC may very well be looking at flood coverage only offered in excess of NFIP, whether purchased or perhaps excluded altogether for the main campus location.
- It is certain that NFIP prices will be much higher in 2020, given the 2019 hurricane season is surpassing forecasted projections.
- The replacement cost of all public campus buildings in Pocahontas is $55,285,498.