TITLE
Title
Approval of Property and Casualty Risk Management Insurance Program Renewal
end
BACKGROUND INFORMATION
At the February 11, 2020 workshop, the Board received information relating to the 2020 Property/Casualty Risk Management Insurance Program Renewal. Contained in the Executive Summary and attached herein, the consultants provided 3 options for property named storm wind damage from the current $4 million to $4 million, $5 million and $3 million in coverage. The total increase in premiums over the prior year is 12.3.percent, 16.5 percent and 9.8 percent respectively. We are recommending the renewal with a continuation of the current $4 million named windstorm at a cost of $920,828.00 which is an increase of 12.3 percent or $100,983.
The consultants also presented three additional coverages for consideration. We are recommending the addition of Cyber Liability Insurance and Activer Shooter/Workplace Violence Insurance at a cost of $11,194 and $7,885 respectively. The total cost of the package including Cyber Liability and Acrtive Shooter is $939,907.00
Contract Originator:
James Drake, Executive Director, Finance and Performance
Kathryn Flannery, Employee Benefits & Risk Manager
Board Meeting Date: February 25,2020
RECOMMENDATION
Recommendation
Approval of Property and Casualty Risk Management Insurance Program effective March 1, 2020 at the $4 million named windstorm, Cyber Liability and Active Shooter/Workplace Violence Insurance in the amount not to exceed $939,907.00