Subject:
Title
Approval of Liability, Workers’ Compensation, Crime, and Aviation Insurance Programs for FY2025-26.
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Fiscal Impact:
Premium cost of $2,621,769 will not require changes to the budgeted revenue requested in FY2025-26 in Fund 5050 / Cost Centers 389620, 389630 and 389640, Fund 1090 Cost Center 258001, and Fund 0020 / Cost Center 219600.
Dept/Office:
Office of Human Resources / Risk Management
Requested Action:
Recommendation
We request the Board approve placement of the County’s Auto, General, Professional, Crime, Cyber, Workers’ Compensation, and Aircraft and Aviation Liability insurance coverage at a cost of $2,621,769 and authorize the Risk Manager to bind coverage per below.
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Summary Explanation and Background:
We instructed the County’s authorized insurance broker, Brown & Brown, to obtain market quotes for the 2025-26 renewal cycle. Based on the information obtained, the Broker’s renewal recommendations are to continue coverage with the incumbent programs:
The incumbent, Preferred Governmental Insurance Trust (PGIT), continues to offer coverage and rate combinations that make alternatives non-competitive.
Premium cost of the expiring program is $2,285,235. The projected renewal premium for FY2025-26 is $2,621,769, a net premium increase of 14.73% ($336,534). The premium change is driven by changes in payroll, employee count, and adverse loss experience. We are requesting that the Board authorize the Risk Manager to execute Insurance Binders, Trust Agreements and contracts as necessary to renew insurance coverages as recommended by the Broker as outlined above.
Clerk to the Board Instructions: