Subject:
Title
Approval of Aviation and Pollution Liability Programs for Fiscal Year 2020-21
End
Fiscal Impact:
These premiums will not require changes to budgeted revenue requested in FY20-21. Funds are budgeted in Fund 1090 / Cost Center 258001, Fund 0020 / Cost Center 219600, and Fund 5050 / Cost Center 389620.
Dept/Office:
Human Resources / Risk Management
Requested Action:
Recommendation
It is requested the Board of County Commissioners approve placement of the County’s Aircraft & Aviation Liability and Pollution Liability insurance at a cost not to exceed $ 165,563, and authorize the Risk Manager to bind coverage effective 10/1/2020 and 10/31/2020, respectively.
End
Summary Explanation and Background:
Risk Management instructed the County’s authorized broker, PRIA (Public Risk Insurance Agency), to obtain market quotes for the 10/1/2020 Aircraft and Aviation Liability program renewal and the 10/31/2020 renewal of the Pollution Liability program. Current year expiring coverage with recommended replacement coverage follows:
|
Line |
Insurer |
Expiring 19/20 |
Renewal 20/21 |
($) Change |
(%) Change |
|
Valkaria |
ACE USA |
$3,256 |
$3,746 |
$490 |
15% |
|
Space Coast |
ACE USA |
$1,013 |
$1,156 |
$143 |
14% |
|
Aircraft |
ACE USA |
$54, 226 |
$60,816 |
$6,590 |
12% |
|
Pollution |
Indian Harbor |
$97,497 |
* $99,845 |
$2,348 |
2.4% |
* premium cost for the three-year program.
Solicitations were sent to all competitive insurers including: W. Brown and Associates, AIG, XL and Old Republic Aerospace, Global Aerospace, USAIG and Starr Aviation. After comparing rates and coverage, and reviewing the broker’s evaluation, Risk Management recommends: binding Aviation coverage with ACE USA at a premium cost of $65,816; and binding Pollution Liability coverage with Indian Harbor for a three-year term with a total premium of $99,845.
Clerk to the Board Instructions: