ACFR FY 2023 Final - Flipbook - Page 114
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 10 - Risk Management (Continued)
The City9s property and auto coverage has a $1,000 deductibleÿ An additional 2% deductible is
applied to any named windstormÿ property located within a flood zone must maintain separate
coverageÿ Automatic coverage increases property values for the remainder of the policy term, up to
$5,000,000 in total insurable values at no additional premiumÿ General liability is set at $1,800,000
per member with an aggregate of $5,400,000ÿ Workers9 compensation group limits are set at $350,000
with a retention of $650,000ÿ In addition to all coverage, the City has elected to carry excess liability
insurance for $3,000,000ÿ Terrorism is excluded for buildings valued at more than $50,000,000, not
affecting our Cityÿ
Health Insurance
The City provides life and health insurance beneots to eligible regular full-time employees. The
program also offers limited coverage for dental and prescription drugsÿ Employees pay only for
dependent coverage under the health beneots program. Premiums are deducted from the participating employee9s biweekly payÿ
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 dismembermentÿ
The amount of coverage is reduced to $10,000 for all employees at retirementÿ Coverage is further
reduced to $6,500 upon age 65 and $5,000 at age 70ÿ Accidental death and dismemberment coverage
terminates after age 70ÿ The life insurance coverage is funded by purchasing a group insurance
policy by the Cityÿ
As mentioned above, the City9s health insurance plan is purchased through the poolÿ This change to
a group insurance pool became effective on October 1, 2003ÿ Retirees and terminated employees
can participate in the health insurance plan at their own expenseÿ The City has joined a preferred
provider Organization (ppO) to control costsÿ
Employees are encouraged to use participating providers, covered 80% under the plan, or choose
their providerÿ Coverage for expenses rendered by nonparticipating providers is limited to 40%,
with the employee paying 60% co-payÿ
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Annual Comprehensive Financial Report | September 30, 2023
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