 special session regarding the agenda itself. We only have one agenda item which is this. We have on the agenda is the public forum if there's anyone who has logged in in the public or perhaps you could let us know. No there is no one from the public. Okay so we'll move on to the insurance update. Paul Alexander thanks for sending out all the advanced materials. If you want to give an overview and update. I will do that thank you. I'm going to try to share my screen. I have become technically advanced since last time. With a single monitor if I share my screen I'll see each of you as you speak but you I won't be able to see myself but that doesn't matter. So let's try this out and see if it works. Can you see my screen? It has a the pie chart if you will. Nope not yet. Maybe we won't try that about now. We see the excel spreadsheet. Yeah okay that's going to have to work so I apologize I won't see you but I'll field your questions they come up. I've only got two slides that's the good news. So this is really there's only been two changes both I would call positive since we last met and one of them if you can see my cursor here is that we have placed the entire coverage and this is the final premium and before you'll see we have four carriers four different carriers writing this one line of insurance Zurich StarTech AIG and Aegis and what we didn't have just two weeks ago even less than that was that AIG was balking at they did not want to write 30% of both this side of the column is the McNeil assets and this side is the non-McNeil which means gas turbine, the Winooskiwin Hydro, and all of Pine Street. So of course the McNeil one is the one that has caused our underwriters angst and what took us a while to place this business but so really through a lot of work through Paul Plunkett, Hickog, and Bourbon AIG stuck to their 25% on both sides of the coin but Zurich stepped up to the plate and instead of having 20% they are now writing 25% of McNeil and on the other side of the coin Aegis which used to have 70% now has 75% so that's the first good news that the entire book of business if you will is now covered again with the caveat we are capped at this $175 million total insurable value and that just means the amount of property that's on the book so that's from papers to turbines and you name it so that's a really good change and really thanks to Hickog and Bourbon all their work so we now have 100% capacity if you will covered up to our cap so that's really one slide before I move on to the second and last slide any questions on that from any of you and the second I guess good news is that the premium is still a large amount last time we were looking at probably 659,000 it came in at 644,000 so we saved and again given the number still significant came down by 15,000 a little bit reduction from the carriers and there was an $8,000 engineering inspection fee that AIG was going to charge us and sort of double charges because Zurich said if they're covering 25% they wanted to be the one that engineered that out and so AIG said yes so not only do we have now the 100% of coverage you had a reduction down in premium to 644,000 so the only other slide that I wanted to show you and Scott this was driven you probably didn't see at the end the close of our last meeting I in the chat room answered your question about the joint owners but can you see that if I blow that up enough yep yeah yeah so and again this is it the the prop all our lines of insurance get split on a basis between McNeil and Pine Street I update those every year at the January at the time of the budget and they are very they're not just pulled out of the year in this case this one is very exact this is based on our property value so McNeil had 71.5% Pine Street 28.5 and that's how that gets split obviously the joint owners make up 50% of McNeil so they'll get half of this 71.5 which is obviously 35.75 and then the remaining amount gets charged to the 50% of McNeil and the rest of Pine the 64 so that's how this total premium which came in over here in the yellow at 644 52850 gets split between the joint owners so the joint orders will end up being charged 230,000 and change and then the rest will get hit for BED the 414 that makes it 644 okay and Paul Pine Street means Pine Street plus Winniski 1 and so on right yes exactly okay that's right McNeil that's right Bob McNeil is all on its own and then what the BED the pine is the Winniski 1 Hydro and the GT gas turbine everything but McNeil that's right Bob so that's really it two changes both in the positive sense and we are this is still a little technical about insurance if you read the small print but it's still being the policy will still go from November 20th to November 20th we know we have to wait till the your approval tonight as well as Board of Finance and City Council that's concurrent all goes well there are going to there'll be no lapse in coverage they're binding the policy with the caveat that it gets approved on the 23rd and then the policy will still go from 1120 to 1120 okay let me just check so our BEDs or Burlington's part of the bill is 414k so that's really what City Council is going to approve is that right no they'll prove the whole thing hold the 644 yeah because we are charged by the 1984 agreement you've probably seen it many times BED Pine Street we are charged with overseeing the insurance of that plan is one of the many things we're charging so that entire they're going to prove the entire amount I've already sent it off as a draft of the joint owners just for a heads up but until it's final and then at their next meeting they'll we we don't even need their approval but we always run up by them and show them what's coming obviously it's a big amount they saw it last year and I go down there to their joint owners meeting to meet them in person now it might be virtual but to explain it and answer any of their questions okay thanks and how did that how did that number jive again because I don't have it in front of me here between that number and what you had budgeted yeah great question yeah yep great question so the budgeted amount and again remember the budget amount is made up of four or five months of the current rate and then the estimated rate because the budgets are done in January so it's percentage wise it is a 14.97% increase over our fiscal year 21 total budget what I had in there 14% and then compared to the premium amount it's a little bit less 11.25% and even though it's a big number that's well in the range like I said I read this stuff every day and it's not uncommon to see these percentages are uh Hickard board and put it in the cover letter you'll see that anywhere from 20 to 200 percent um it's just um last year was significant this year is significant and we're hoping for better things next year yeah anything else or I'll unshare my screen here and come back and see you oh are there any reasons to um have that hope uh or is it more likely that this will be ongoing I know I asked you this last meeting but it seems like um generally uh as we had just discussed last year you know hesitations from insurers regarding biomass yeah oh it's a great question um you know it's hard to look into crystal ball and see what the market's going to be like you know a year from now but on the positive side um we because we have seen some two significant years back the back of increases um that feel like we paid the piper if you will and and we had these engineering recommendations that have been out there for a while some of them just way beyond our means of doing and putting um a conveyor wood uh fireworks the suppressant system on outside the engineers can recommend that but it's not that's not really smart here in the northeast um but so we have ticked off a manoeuvring company and david and paul worked very hard and we're daring support in the budget to try to knock these off so we had like 21 items last year we're down to 11 or 12 so when and if we can complete all those that's where paul punk has made it clear that we might and I say that in quotes um see something back we'll never see the 200 range again probably not in my lifetime but get it down to something more reasonable meaning 400 to 450,000 so can't be able to answer questions specifically when we can wrap these things up and uh it's not based on our loss experience we might be able to get down something where next year we're i'm sitting in front of you and seeing a $200,000 reduction I can't promise that we can just hope but those are some of the things we're working on in addition to the two outside of this line of business some of the things I spelled out in that memo as you recall teaming up with the city and or breaking away on some lines combining policies um we're not going to do that right off but just um something that probably in the next six to nine months the Hickok board will be looking into some some places to save money elsewhere if we can't save it on this line thank you and um you know good work to the team for checking off so many of those uh engineering upgrades any what's the sense of timeline for the remaining upgrades with the exception of the one that doesn't make sense to the Northeast yeah if David's still online you can probably speak to that better but some of them are already in the budget some of them we had a significant we're not blaming on COVID but we we couldn't get some contractors in here um a very large amount bid that went out went out to 140 contractors we got one bid back so um there's some reluctance not just to come into BED but just in general to come on site and or you know whatever things are going on there respective companies so a significant slowdown I think because that we would have wrapped up I think a lot more of those other questions from the commission uh if the commission is ready um could someone make a motion uh this is Bob uh I move that we vote to forward this uh insurance budget to the city council for decision in the second second and commissioner shagman I'm sorry commissioner shagman hi mr. Herondine hi mr. Ramodi hi mr. Stebbins hi commission commissioner Whitaker hi thank you so thank you paul I know this has been very long and drawn out so I appreciate your work and thanks everybody for joining a special meeting as well thank you for all coming on again thank you for your approval thank paul plonkett for all his hard work I'm sure he had to schmooze a bunch of people and I'm sure he did yeah it is kind of the job but um all right so can we have a motion to adjourn please so moved second thank you commissioner shagman hi commissioner Herondine hi mr. Ramodi hi commissioner Stebbins hi commissioner Whitaker hi thank you we adjourn at 521 have a good one thank you bye bye everybody yep