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June 18, 2013- By Steven E. Greer
At the June 18th BPCA board meeting, a lengthy discussing ensued about whether the authority would be properly insured for the next storm flood, and how much insurance should be purchased. Interestingly, after a property audit, the value of the BPCA increased suddenly 50%, year over year, from $229 Million to $349 Million. The new property audit breaks down the seawall by smaller regions for better insurance coverage.
The BPCA currently only has $5 Million in “marine” coverage. It was mentioned that the addition of the Pier A will require significantly more insurance coverage than that. There was no mention of whether the Poulakakos restaurant group would also be responsible for flood coverage.