• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Commitments and Contingencies
12 Months Ended
Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 23 -- Commitments and Contingencies

Obligations under Multi-Year Reinsurance Contract

As of December 31, 2019, the Company has a contractual obligation related to one multi-year reinsurance contract. This contract may be cancelled only with the other party’s consent. The future minimum aggregate premium amounts payable to the reinsurer is $2,024 due in 12 months following December 31, 2019. Reinsurance premiums payable after March 31, 2020 are estimated and subject to subsequent revision as the premiums are determined on a quarterly basis based on the premiums associated with the applicable flood total insured value on the last day of the preceding quarter.

Rental Income

The Company leases available space at the Company’s headquarters and at its various investment properties to non-affiliates at various terms. In addition, the Company leases boat slips and docks on a long-term basis. Expected annual rental income due under non-cancellable operating leases for all properties owned at December 31, 2019 is as follows:

 

Year

 

Amount

 

2020

 

$

4,164

 

2021

 

 

3,699

 

2022

 

 

3,188

 

2023

 

 

2,709

 

2024

 

 

2,683

 

Thereafter

 

 

11,720

 

Total

 

$

28,163

 

 

Capital Commitment

As described in Note 5 -- “Investments” under Limited Partnership Investments, the Company is contractually committed to capital contributions for limited partnership interests. At December 31, 2019, there was an aggregate unfunded balance of $15,130.