Subject:
Title
Renewal of Annual Property Insurance Program effective 6/1/2025
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Fiscal Impact:
As presented by the County's property insurance broker, favorable market conditions will allow us to renew property coverage for the period 6/1/2025-26 under same terms and conditions at an amount not to exceed $3,801,034. The premiums will be paid from budgeted funds in Business Area 5050 / Cost Center 389610 from both FY 24-25 and FY 25-26 based on a pro-rata share as the coverage runs through time periods in both fiscal years. If funds in excess of the already budgeted amount are necessary (not to exceed the stated maximum), insurance reserves will be utilized.
Dept/Office:
Human Resources
Requested Action:
Recommendation
It is requested the Board of County Commissioners authorize the Risk Manager to bind and secure placement of the County's Property Insurance coverage as presented and recommended by Arthur J Gallagher, the County's property insurance broker, with an effective date of 6/1/2025, at a cost not to exceed $3,801,034.
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Summary Explanation and Background:
Risk Management instructed Arthur, J Gallagher to secure renewal quotes for the Property Insurance program to mitigate the County's loss exposure, maintain the County's ability to recover from a major catastrophic loss, and to ensure the County is in compliance with FEMA's "Obtain and Maintain" insurance requirements.
The County's Property Insurance program provides coverage for both windstorm and non-? windstorm related damage. Compliance with the Stafford Act, a condition for receiving FEMA funding, requires that applicants insure facilities and their contents with the "types and extent" of insurance that is reasonably available, adequate, and necessary to protect against future loss to the property.
After evaluating the County's needs for Property and Flood coverage, Arthur J Gallagher surveyed the property insurance market and solicited quotes from 39 different carriers. The County has...
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