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Use or disclosure of information or data 8 Proprietary Property of Watts & Associates, Inc. <br />contained on this sheet is subject to the <br />restrictions on the title page of this proposal. Copyright © 2020 Watts & Associates, Inc. All Rights Reserved. <br />Loss adjustment procedures. <br />Underwriting controls. <br />Actuarial review. <br />Product administration and implementation. <br />Budget <br />Time and Materials, not to exceed $250,000.00 (subsumes $40,000.00 minimum included <br />in Phase 1). Labor will be billed monthly for Phase II on an Hourly Rate basis (as <br />outlined in Appendix D). Travel will be billed at 2020 Federal reimbursements rates, <br />with air fares and car rentals reimbursable based on receipts. <br />Time Period <br />One to two years, depending on the Authority time frames and objectives. <br />The budget provided does not include future costs of product administration, updating of <br />actuarial materials, and product education for the Authority stakeholders (growers, crop <br />insurance agents, etc.). <br />VI.SUMMARY <br />Practical solutions are attainable for implementing crop risk mitigation (insurance) in the <br />Comprehensive Project staging area. This proposal outlines a two phase approach which <br />provides an attainable near term solution (Phase I, which utilizes existing crop insurance <br />infrastructure) while simultaneously considering a crop insurance product specific to the staging <br />area (Phase II, which results in development of an insurance rider for the staging area). W&A is <br />skilled in development and implementation in both phases, and welcomes discussion with the <br />Authority to refine the scope of deliverables to meet the needs of Authority stakeholders.