The very best sunsets are at Driftwood Sands overlooking the Gulf of Mexico.
Driftwood Sands is a cozy beachfront 45 unit complex in Indian Rocks Beach.
About Driftwood Sands
Prestigious Driftwood Sands (DWS) is a private beachfront complex located in scenic Indian Rocks Beach, Florida overlooking the Gulf of Mexico and its timeless sunsets.
The spacious condominiums feature 2-4 bedrooms, with many master bedroom suites overlooking the Gulf of Mexico, large double or walk in closets, laundry room, garage private storage lockers and private balconies all with gulf views.
The complex is a well-managed community with an active Board of Directors, Building maintenance superintendent, grounds committee and Property Management Company.
Amenities include assigned covered & guest parking, dual elevators, library/meeting suite, shuffleboard, poolside restrooms, direct beach access, outdoor shower, a beachfront pool, sundeck with lounge chairs and tables, and a waterfront covered pavilion equipped with gas/charcoal barbeques, granite countertop, sink and serving areas for all your entertaining needs. The Pavilion may be partially reserved by owners for private or family gatherings.
PROPOSAL FOR:
Driftwood Sands Condominium Assoc, Inc
2618 Gulf Blvd
Indian Rocks Beach, FL 33785
October 15, 2020
PROPERTY
Company: Frontline Insurance Company (Non-Admitted)
Agreed Amount –Building Replacement Cost, Contents-Replacement Cost
Limits:
$9,389,694 Building
13,169 Pavilion
29,600 Carport
61,646 Pool
24,210 Wood deck
12,948 Privacy Fence
14,000 Shuffle Board Ct
Catastrophic Ground Collapse coverage included.
2% Calendar Year Hurricane Deductible. $15,000 All other Wind
$5000 All other peril deductible
Ordinance or Law: Full Coverage A, B&C Combined 5% of Cov A
25% Minimum Premium Applies
Annual Premium: $28,090.45
Market Summary
Heritage – not eligible due to Barrier Island and no full open protection
Ventus – could not compete
American Coastal Ins Co – can’t compete with current rate
EQUIPMENT BREAKDOWN
Company: Travelers Insurance Co
Limit: $9,531,534 Deductible: $5000
Annual Premium: $506.00
GENERAL LIABILITY POLICY
Current Company: Aspen Specialty Ins Co (Non-Admitted- Rated
A)
Limits:
$1,000,000 Occurrence
$2,000,000 General Aggregate
$2,000,000 Products-Completed Operations Aggregate Limit
$1,000,000 Personal Injury/Advertising Liability
50,000 Damage to Premises Rented to You
$5,000 Medical Payments
Non-Owned & Hired Auto Liability
$1,000,000 Limit
Rating based on the following:
Condo units:
45
Swimming Pool
1
Annual Premium:
$4,266.75
COMMERCIAL UMBRELLA POLICY
Company: Aspen Specialty Ins Co AM Best Rating A XV
Limits: $1,000,000 Each Occurrence
$1,000,000 General Aggregate
Retained Limit: None
Annual Premium: $656.26
WORKERS COMPENSATION POLICY
Company: Zenith Insurance Co
Liability Limits: $500,000 Each Accident
$500,000 Disease-Policy Limit
$500,000 Disease-Each Employee
Volunteer Endorsement included
Annual Premium: $630.00
LIMITED MOLD & SEWER BACKUP
Company: Aspen Specialty Ins Co
25,000 Each Occurrence
50,000 Aggregate
Replacement Cost Valuation
Deductible: $2,500 per occurrence
Annual Premium: $2,214.45
DISHONESTY BOND
Company: Aspen Specialty Ins Co AM Best Rated A
Coverage Form Limit Deductible
Employee Dishonesty( A) $500,000 $2,500
Forgery or Alterations (B) 500,000 $2,500
Theft, Disappearance &
Destruction (C&D)
(Premises & Transit) 500,000 $2,500
Computer ( E) and
Money Orders &
Counterfeit Currency (F) 500,000 $2,500
Funds Transfer Fraud Cov 500,000 $2,500
Social Engineering 50,000 $2,500
(Deception Fraud)
Annual Premium: $1,129.00
*Property Manager included as Additional Insured
DIRECTORS & OFFICERS LIABILITY
Company: Aspen Specialty Insurance Co AM Best A XV
Limit of Liability: $1,000,000 Each Claim
Each Policy Year: $1,000,000 Annual Aggregate
Deductible: $1,000 each claim
Full Prior Acts Coverage Included
Pending and Prior Litigation Date 11/1/16
Defense Cost Outside Limit
Property Management Employees Included as Insureds
Any current, past or future duly elected or appointed
directors, officers or trustees as insureds.
Duty to defend form
NO exclusion for noise or interferences with quite
Failure to maintain insurance exclusion removed
Non-monetary & monetary damages included
Annual Premium: $836.00
POLLUTION LIABILITY
Carrier: Indian Harbor Ins
$1,000,000 Each Occurrence
$1,000,000 Aggregate Limit
Claims Made Coverage Form
Annual Premium: $577.50
FLOOD INSURANCE
Company: National Flood Ins Program
Building Limit: $11,250,000
Contents Limit: $19,300
Deductible:
$2,000
Annual Premium: $10,297 (Already paid for 2020)
2020 PREMIUM RECAP
Property $28,090.45
Equipment Breakdown
$506.00
General Liability and
Non Owned & Hired Auto Liability $4,266.75
Umbrella Policy $656.26
Workers Compensation $630.00
Fidelity Coverage $1,129.00
Directors & Officers Liability $836.00
Mold & Sewer
$2,214.45
Pollution Liability
$577.50
Total Annual $38,906.41
Flood Insurance
$10,297.00
(Already paid eff 6/26/20)
Total Annual Including Flood
$49,203.41