Subject:
Title
Approval of Liability, Workers' Compensation, and Aviation Insurance Programs for FY2021-22
End
Fiscal Impact:
Premium cost not to exceed $1,717,631; 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, and Aircraft and Aviation Liability, and Workers' Compensation insurance coverage at a cost not to exceed $1,717,631, and authorize the Risk Manager to bind coverage per below.
End
Summary Explanation and Background:
We instructed the County's authorized insurance broker, PRIA (Public Risk Insurance Agency), to obtain market quotes for the 2021-22 renewal cycle. The renewal recommendations are:
Premium Summary
Line of Business
Eff Date
Exp. Prem.
Renewal Prem.
Rate Change
Change ($)
Change (%)
Auto Liability
10/1/2021
85,255
102,112
15%
16,857
20%
General Liability
10/1/2021
381,293
464,828
15%
83,535
22%
Professional Liability
10/1/2021
169,838
180,154
0%
10,316
6%
Cyber Liability
10/1/2021
Included
35,133
N/A
35,133
100%
Crime
10/1/2021
2,400
2,400
0%|10 10 10|Workers' Compensation
10/1/2021
780,293
857,085
3%
76,792
10%
Aviation
10/1/2021
65,718
75,918
15%
10,200
15%
TOTAL
1,484,797
1,717,630
232,833
15.7%
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.
Premium cost of the expiring program is $1,484,797. The projected renewal premium for FY2021-22 is $1,7...
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