PORT ANGELES — The Port of Port Angeles commissioners have approved buying an industrial building that they hope can add a few more jobs.
The purchase of the building at 419 Marine Drive — already on land owned by the port — currently houses a small shop and employs two people.
It is one of only four buildings on port property that can accommodate the port’s 70-ton TraveLift, which lifts boats from the water to shore-based storage or work areas, said Jeff Robb, port executive director.
The port commissioners, meeting Monday, offered $142,500 for the 3,200-square-foot building, built in 1997.
A possible tenant has already been identified, and several welding and other “hot work” jobs could be added to the area, Robb said.
Debbie Bovee, an agent for Alliant Insurance Services who has managed the port’s insurance for more than a decade, told the commissioners that the port has been able to take advantage of a buyer’s market in real estate.
But the trend is about to come to an end, Bovee said.
Alliant Insurance specializes in insurance for public agencies, especially ports and airports.
The Port of Port Angeles is a member of the Pacific Northwest Port Association, a coalition of medium-sized ports formed as a buying group to take advantage of large-scale purchasing.
The port insures $71.9 million in property and pays premiums of $149,595, including earthquake and flood coverage.
Savings associated with the group are significant, but changes are happening that affect the entire industry, Bovee said.
Since 2003, public property insurance rates have remained flat, but in the last quarter of 2011, rates increased by 5.7 percent, she said.
By July 1, when the port’s insurance renewal is scheduled, conservative estimates show that rates could increase by 8 to 15 percent, Bovee said.
There has been a shift in insurance companies’ perception of earthquake and flood risks that put Washington in the same risk category as California, she said.
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Reporter Arwyn Rice can be reached at 360-452-2345, ext. 5070, or at arwyn.rice@peninsuladailynews.com.
