Subject:
Title
Approval of Liability, Workers' Compensation, and Aviation Insurance Programs for FY 2022-23
End
Fiscal Impact:
Premium cost not to exceed $1,778,449; funds are budgeted in Business Area 5050 / Cost Centers 389620, 389630, and 389640, and reserves are available to address market-driven premium increases.
Dept/Office:
Office of Human Resources / Risk Management
Requested Action:
Recommendation
We request the Board approve placement of the County's Auto, General, Professional, Aircraft & Aviation Liability, and Workers' Compensation insurance coverage at a cost not to exceed $1,778,449, and authorize the Risk Manager to bind coverage per below.
End
Summary Explanation and Background:
We instructed the County's authorized insurance broker, PRIA (Public Risk Insurance Agency), to obtain market quotes for the 2022-23 renewal cycle. The renewal recommendations are:
Premium Summary
Line of Business
Eff Date
Exp. Prem.
Renewal Prem.
Rate Change
Change ($)
Change (%)
Auto Liability
10/1/2022
102,112
131,679
27%
29,567
29%
General Liability
10/1/2022
464,828
410,937
-9%
-53,891
-12%
Professional Liability
10/1/2022
180,154
186,751
7%
6,597
3%
Cyber Liability
10/1/2022
35,133
47,466
35%
12,333
35%
Crime
10/1/2022
2,400
2,645
10%
245
10%
Workers' Compensation
10/1/2022
857,085
909,795
8%
52,710
6%
Aviation
10/1/2022
75,918
89,176
17%
13,258
17%
TOTAL
1,717,630
1,778,449
60,819
3.5%
The incumbent, Preferred Governmental Insurance Trust (PGIT), continues to offer coverage and rate combinations that make alternatives non-competitive. Using the Trust's unique options, we are able to tailor coverage, retentions and limits, resulting in a robust insurance program with coverage combinations that cannot otherwise be procured in the current marketplace. The PGIT program provides insurance and claims administration services for those coverages.
Cost of the expiring program is $1,717,630. The projected renewal premium for FY2022-23 is 1,778,449, a net in...
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