Subject:
Title
Approval of FY23-24 Liability, Workers' Compensation, Crime, Pollution and Aviation Insurance
End
Fiscal Impact:
Premium cost of $2,184,430 will not require changes to the budgeted amount requested in FY 2023-24 in Business Area 5050 / Cost Centers389620, 389630 and 389640.
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, Aircraft and Aviation Liability, Workers' Compensation and Pollution insurance coverage at a cost not to exceed $2,184,430 and authorize the Risk Manager to bind coverage per below.
End
Summary Explanation and Background:
We instructed the County's authorized insurance broker, Brown & Brown (formerly PRIA), to obtain market quotes for the 2023-24 renewal cycle. The renewal recommendations are:
Premium Summary
Line of Business
Eff Date
Exp. Prem.
Renewal Prem.
Change ($)
Change (%)
Auto Liability
10/01/2023
131,679
153,886
22,207
17%
General Liability
10/01/2023
410,937
493,036
82,099
20%
Professional Liability
10/01/2023
186,751
216,232
29,481
16%
Cyber Liability
10/01/2023
47,466
54,597
7,131
15%
Crime
10/01/2023
2,645
2,820
175
7%
Workers' Compensation
10/01/2023
909,795
1,069,587
159,792
18%
Aviation
10/01/2023
82,546
90,304
7,759
9%
Pollution Liability
10/31/2023
Prepaid
*$103,967
4,122
4%
TOTAL
1,771,819
2,184,430
412,611
23.3%
*The Pollution Liability is renewed on a three-year prepaid policy, guaranteeing the current rate over three years while meeting the financial responsibility for storage tanks.
Premium cost of the expiring program is $1,771,819. The projected renewal premium for FY2023-24 is $2,184,430, a net premium increase of 23.3% ($412,611). Of that amount, $103,967 represents the cost of a 3-year policy for pollution. The premium change is driven by increases in payroll, employee count and vehicle count, as well as claims experience.
The Preferred Governmental...
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