The Commonwealth Ports Authority has approved a supplemental budget of $333,000 to cover additional expenses, including a 70-percent increase in insurance premium for the seaports.<\/p>\n
CPA comptroller George Palican said $312,000 of the funds will be used to pay the additional cost of insurance.<\/p>\n
The remaining $17,000 will fund a new full-time position for the Tinian seaport. CPA will be hiring a new tariff technician.<\/p>\n
The ports authority paid only $1.1 million in total insurance premiums in fiscal year 2004. For FY2005, CPA was billed over $1.4 million after the seaport insurance cost jumped to over $800,000 from only $480,000 last year.<\/p>\n
Palican noted that CPA\u2019s post-Typhoon Tingting and Chaba insurance claims have driven up the cost of insurance premiums. The ports authority has claims amounting about $9.4 million sitting with its insurance firm, the Lloyd\u2019s of London, due to damage caused by the typhoons to the seaports.<\/p>\n
No claims were filed for the airports because the Federal Aviation Administration was quick to provide CPA the funds for typhoon repair work, Palican said.<\/p>\n
He noted that CPA can accommodate the $333,000 increase and still have enough funds to meet the bond coverage ratio required by the bondholders.<\/p>\n
CPA\u2019s comprehensive insurance policy also covers the directors and officers, CPA as an entity, commercial vehicles, excess automobile, crime insurance, and money and security.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Ports Authority has approved a supplemental budget of $333,000 to cover additional expenses, including a 70-percent increase in insurance premium for the seaports.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-85950","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/85950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=85950"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/85950\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=85950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=85950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=85950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}