| Major Deliverable: The Florida Public Hurricane Loss Projection Model is housed at Florida International University (FIU). It is the first public, transparent model of its kind in the United States. OIR runs residential insurance rate filings through the Public Model. The Model serves as a benchmark for determining the windstorm portion of the rates for Citizens Property Insurance Corporation.
Payments for Fiscal Year 2012-13 shall be paid as follows:
September 1, 2012 ($150,000), December 1, 2012 ($200,000), March 1, 2013 ($120,000), and June 15, 2013 ($118,639). These four payments equal $588,639. |
| Deliverable Price: $588,639.00 |
| Non Price Justification: |
| Performance Metrics: Statistical Reports generated as needed and conducting tests as required.
Tasks for the FPHL Model Operation and Maintenance, Acceptability, and Model Upgrades (2012-13):
1. Maintain, update and operate the model. This shall include but not be limited to the following: maintenance of the computer platform and codes; support service; operation of the model; training of staff and/or graduate assistants to meet current technological standards; and retaining experts to run, maintain and interpret the meteorological, actuarial, engineering, and statistical components of the model.
2. Provide model related services to OIR, including, but not limited to running insurance policy file data provided by OIR through the model and generating annual average loss cost estimates and providing output reports to OIR at OIR’s request. Limited to 125 runs.
3. Conduct routine upgrade of the model to incorporate modest amounts of new input data. These include, for example, new meteorological data, and new data on insured losses as well as changing boundaries of zip codes.
4. Generate documentation and status reports. Each quarterly detailed status report shall include all specific tasks accomplished in the prior quarter, their target and actual completion dates, a projection of all specific tasks to be accomplished in the succeeding quarters with current target completion dates, highlighting any changes from the prior report, and any additional information requested by OIR. |
| Financial Consequences: If tests are not performed, payment will be withheld. |
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