ACFR FY 2022 FINAL BOOK - Flipbook - Page 108
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 10 - Risk Management (Continued)
The City property and auto coverage has a $1,000 deductible� An additional 2% deductible is applied
to any named windstorm� property located within a flood zone must maintain separate coverage�
Automatic coverage increases property values for the remainder of the policy term, up to $5,000,000
in total insurable values at no additional premium� General liability is set at $1,800,000 per member
with an aggregate of $5,400,000� Workers’ compensation group limits are set at $350,000 with a retention of $650,000� In addition to all coverage, the city has elected to carry excess liability insurance
for $3,000,000� Terrorism is excluded for buildings valued at more than $50,000,000, not affecting
our city�
Health Insurance
The City provides life and health insurance benefits to eligible regular full-time employees� The
program also offers limited coverage for dental and prescription drugs� Employees pay only for
dependent coverage under the health benefits program� premiums are deducted from the participating employee’s biweekly pay�
The insurance plan provides life insurance coverage for $20,000 for eligible employees and $50,000
for division and department heads, with additional coverage for accidental death and dismemberment�
The amount of coverage is reduced to $10,000 for all employees at retirement� Coverage is further
reduced to $6,500 upon age 65 and $5,000 at age 70� Accidental death and dismemberment coverage
terminated after age 70� The life insurance coverage is funded by purchasing a group insurance
policy by the City�
As mentioned above, the City’s health insurance plan is purchased through the pool� This change to
a group insurance pool became effective on October 1, 2003� Retirees and terminated employees
can participate in the health insurance plan at their own expense� The City has joined a preferred
provider Organization (ppO) to control costs�
Employees are encouraged to use participating providers, covered 80% under the plan, or choose
their provider� Coverage for expenses rendered by nonparticipating providers is limited to 40%,
with the employee paying 60% co-pay�
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Annual Comprehensive Financial Report | September 30, 2022
