Debris Removal Insurance

The project will consist of the incorporation of a captive insurance company by the City of New York in the State of New York to insure the City and its contractors for claims arising from debris removal at the World Trade Center following the terrorist attacks of September 11, 2001.



Agency - Department of Homeland Security

The Department of Homeland Security has three primary missions: Prevent terrorist attacks within the United States, reduce America's vulnerability to terrorism and minimize the damage from potential attacks and natural disasters.

Office - Federal Emergency Management Agency, 26 Federal Plaza, New York, N.Y.

10278.

Telephone: (212) 680-8518.


Program Accomplishments

Not applicable.

Uses and Use Restrictions

The captive insurance company will provide insurance coverage exclusively for the City of New York and those contractors that were paid by the City to perform debris removal at the World Trade Center site.

The insurance company will not provide insurance coverage to any other persons or entities.

Eligibility Requirements

Applicant Eligibility

The grant is made available for the State of New York to insure the City of New York and its debris removal contractors.

Beneficiary Eligibility

Insurance coverage obtained with grant funds shall be available solely for the City of New York and those contractors that were paid by the City to perform debris removal at the World Trade Center site.

Credentials/Documentation

Costs determined in accordance with the Consolidated Appropriations Resolution, 2003, Public Law 108-7 and the Conference Report accompanying Public Law 108-7.

Aplication and Award Process

Preapplication Coordination

Following the Presidential declaration of a major disaster for the State of New York for the terrorist attacks of September 11, 2001, the Governor's Authorized Representative for the disaster made a written request for $1 billion in funding from FEMA to establish a captive insurance company to insure the City of New York and its contractors for claims arising from debris removal at the World Trade Center.

This program is excluded from coverage under E.O.

12372.

Application Procedures

With authority provided to FEMA by the Consolidated Appropriations Resolution, 2003, Public Law 108-7, FEMA will accept application from the State and City of New York for funding to establish a captive insurance company in the State of New York with execution of an SF-424; FEMA Forms 20-16, 20-16A, 20-16C; Disclosure of Lobbing Activities Form LLL; and a grant agreement.

Award Procedures

With authority provided by the Consolidated Appropriations Resolution, 2003, Public Law 108-7, FEMA will provide $999.9 million to establish a captive insurance company or other appropriate insurance mechanism to insure the City and its contractors for claims arising from debris removal when the State and City have completed the application procedure and FEMA has agreed to and approved all terms, conditions and scope of insurance coverage. The Grant Award is the maximum award for which FEMA has authority and funding. Absent additional authority and funding from Congress, this Grant Agreement is not subject to amendment for purposes of increasing the amount of the Award. The Award of Federal assistance in support of the Project described herein is effective on the date that the authorized FEMA official signs the Grant Agreement. Upon execution of the Grant Agreement by the Grantee, the Grantee affirms the Award in support of the said Project and enters into the Grant Agreement with FEMA.

Deadlines

There is no deadline for the State and City to complete the application procedure.

Authorization

Consolidated Appropriations Resolution, 2003, Public Law 108-7.

Range of Approval/Disapproval Time

From three to four weeks.

Appeals

Not applicable.

Renewals

Not applicable.

Assistance Considerations

Formula and Matching Requirements

The Federal Share is 100% of eligible work. There is no State or local government matching requirement.

Length and Time Phasing of Assistance

Upon transfer of the Grant Award to the Captive through the State and City, the Captive will use the Award for the purposes described in the Grant Agreement, with attachments, for an initial period of up to 25 years from the effective date of the Grant Agreement and will not use the Award for any other purpose. In the event the Captive is unable to terminate its liabilities within the 25 year period because it would not be commercially reasonable or cost effective to do so, a request to extend the Period of Performance will be considered. An extension request must be supported by adequate written justification. No extension requests will be processed if performance and financial status reports are not current.

Post Assistance Requirements

Reports

The Grantee shall submit to FEMA and the New York State Insurance Department (SID) the following reports: a) A report from the Captive 30 days after the Captive has reported to the Grantee, the City and the designate representative of the Contractors each calendar quarter of losses incurred, losses paid, changes in experience account balance, and changes in individual and aggregate case reserves and indicated reserves for losses incurred but not reported during the immediately preceding calendar quarter; b) The annual reports the Captive must submit to the Superintendent of SID (within 10 days of such submission); c) The annual financial statements (which shall be prepared no later than ninety days following the last day of each calendar year and audited by an independent auditor whose selection was made following 30 days notice to FEMA); and d) The minutes of all meetings of the Captive Board of Directors and Advisory Committee.

The Grantee shall also report quarterly, beginning June 30, 2003, to the Committees on Appropriations of the U.S.

Congress and FEMA, regarding the expenditure of and investment earnings from the Grant Award, utilizing information culled from the reporting requirements listed above.

The Grantee shall submit a Financial Status Report, SF 269, within 30 days from the end of the federal quarter that the Grantee expends the funds.

The financial and performance reports required by this Article will also be utilized to satisfy the after-the-grant requirements of 44 C.F.R.

Sec.

13.50.

The Grantee shall submit required reports to FEMA at: 500 C Street SW, Washington DC 20472.

Attn: Assistance Officer, Administration and Resource Planning.

Audits

Grantee must follow the audit requirements under OMB Circular No. A-133. Non-Federal entities that expend the amount listed in OMB Circular No. A-133 or more Federal funds in a year shall have a single or program-specific audit conducted for that year in accordance with the provisions of A-133.

Records

Records shall be retained for 3 years (except in certain rare circumstances described in 44 C.F.R. Sec. 13.42) from the date the final financial status report is submitted to FEMA in compliance with 44 C.F.R. Sec. 13.42. The Captive's books and records shall be made available to FEMA and SEMO upon reasonable notice.

Financial Information

Account Identification

70-0702-0-1-453.

Obigations

FY 07 est not available; FY 08 est not available; and FY 09 est not available.

Range and Average of Financial Assistance

Not applicable.

Regulations, Guidelines, and Literature

The Consolidated Appropriations Resolution, 2003, Public Law 108-7 and the accompanying Conference Report directing FEMA to fund a captive insurance company or other appropriation insurance mechanism for the City of New York and its debris removal contractors have no implementing regulations or guidelines.

Information Contacts

Regional or Local Office

Federal Emergency Management Agency, 26 Federal Plaza, New York, N.Y. 10278. Telephone: (212) 680-8518.

Headquarters Office

Department of Homeland Security, 245 Murray Lane - Bldg. #410, Washington, DC 20528.

Criteria for Selecting Proposals

Not applicable.



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