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Home My WebLink AboutEDB Brown & Brown Insurance Renewal EXECUTIVE SUMMARY AGENDA ITEM: Request for Property and Casualty Insurance Renewal for Fiscal Year 2022/2023 Date: August 16, 2022 BACKGROUND: Clay County Utility Authority (CCUA) received the renewal premium summary from Brown & Brown (B&B) Friday, August 5, 2022. Staff budgeted $1,268,496 for insurance coverage. B&B quoted $1,238,496 for renewal of CCUA's existing Property, Inland Marine, Crime, General Liability, Automobile, Public Officials, Workers Compensation, Material Floater, and Pollution Policies. The quoted renewal premiums reflect an overall increase of$187,483, or 17.84%, over the expiring premiums of$1,051,013.The difference in premium quoted by B&B for the upcoming policy term reflects added exposures being insured, inflation and changes in the overall insurance market. co CCUA's flood insurance policies renew in January 2023. The remaining $30,000 difference c between staff's budget and the B&B's quoted renewal provides funds for the flood insurance a renewals. ra 0 E RECOMMENDATION: L 3 r� Ce Staff considers the insurance renewal quote from B&B reasonable. Staff respectfully requests the Board of Supervisors accept the as-is insurance quote as provided by B&B. ATTACHMENT: Insurance premium summary from Brown & Brown X:Wdmmistrazon\Insurance�2022-2023�EDB Broom&Brown Insurance Renewal.dacx Covered Party: Clay County Utility Authority ] Brown&Brown Effective Date: 10/1/2022 INSURANCE' Version Date: 8/9/2022 2021/2022 2022/2023 Changes in Exposures LINE OF COVERAGE LIMIT DEDUCTIBLE/SIR ANNUAL LIMIT DEDUCTIBLE/SIR ANNUAL 2021/2022 2022/2023 PREM PREM • Property: Preferred Govt'I Ins Trust Blanket Buildings&Contents $ 143,150,048 $ 10,000 $ 394,273 $ 148,956,548 $ 10,000 $ 471,741 Property Equipment Breakdown $ 100,000,000 $ 10,000 $ 100,000,000 $ 10,000 $ 5,806,500 Excess Flood $ - $ - Exposure Difference 4.06% Earth Movement $ 1,000,000 $ 10,000 $ 1,000,000 $ 10,000 Named Windstorm 2%/$25,000 Minimum 2%/$25,000 Minimum $ 77,468 Accounts Receivable $ 500,000 $ 10,000 $ 500,000 $ 10,000 Premium Difference 19.65% Additional Expense $ 1,000,000 $ 10,000 $ 1,000,000 $ 10,000 Business Income $ 1,000,000 $ 10,000 $ 1,000,000 $ 10,000 Errors&Omissions $ 250,000 $ 10,000 $ 250,000 $ 10,000 Demolition&Increased Cost of Construction $ 1,000,000 $ 10,000 $ 1,000,000 $ 10,000 Inland Marine: _ Inland Marine Communications Equipment Included $ 5,000 $ 11,744 Included $ 5,000 $ 13,770 $ 3,146,857 $ 3,198,936 Mobile Equipment $ 2,146,857 $ 5,000 $ 2,198,936 $ 5,000 $ 52,079 Electronic Data Processing Included $ 5,000 Included $ 5,000 Exposure Difference 1.65% Emergency Services Portable Equip Included $ 5,000 Included $ 5,000 Other Inland Marine Included $ 5,000 Included $ 5,000 $ 2,026 Rented Borrowed Leased Equipment $ 500,000 $ 5,000 $ 500,000 $ 5,000 Premium Difference 17.25% Valuable Papers Included $ 5,000 Included $ 5,000 Watercraft Not Covered $ 5,000 Not Covered $ 5,000 _ Blanket Unscheduled Inland Marine $ 500,000 $ 5,000 $ 500,000 $ 5,000 tO $ 406,017 f$ 485,511 Crime: Preferred Govt'I Ins Trust Employee Dishonesty $ 250,000 $ 5,000 $ 1,000 $ 250,000 $ 5,000 $ 1,101 Theft,Disappearance&Destruction In/Out $ 50,000 $ 5,000 $ 50,000 $ 5,000 Forgery/Alterations $ 100,000 $ 5,000 $ 100,000 $ 5,000 Sub-Total $ 1,000 Sub-Total $ 1,101 This proposal is intended to give a brief overview.Higher limits may be available.Please refer to coverage forms for complete details regarding definition of terms,exclusions and limitations. 2022/2023 Changes in Exposures LINE OF COVERAGE LIMIT DEDUCTIBLE/SIR ANNUAL LIMIT DEDUCTIBLE/SIR ANNUAL 2021/2022 2022/2023 PREM PREM General Liability: Payroll Payroll Preferred Govt'I Ins Trust $11,565,367 $13,322,083 General Liability $ 2,000,000 $ _ 1,000 $ 226,248 $ 2,000,000 $ _ 5,000 $ 270,070 $ 1,756,716 Employee Benefits $ 2,000,000 $ _ 1,000 Included $ 2,000,000 $ 5,000 Included Exposure Difference 15.19% Deadly Weapong Protection $ 1,000,000 $ - Included $ 1,000,000 $ - Included_ $ 43,822 Premium Difference 19.37% I Sub-Total $ 226,248 I Sub-Total $ 270,070 Automobile: Vehicles Preferred Govt'I Ins Trust 140 I 147 TIV Auto Liability $ 2,000,000 $ - $ 98,932 $ 2,000,000 $ - $ 101,972 $6,584,876 $7,306,155 Uninsured Motorist $ 100,000 $ - Not Covered 7 Comprehensive/Collision Symbol 10,8 $ 5,000 $ 42,715 Symbol 10,8 $ 5,000 $ 54,140 Exposure Difference 5.00% Hired Physical Damage $ 50,000 $ 5,000 $ 50,000 $ 5,000 $ 13,465 Medical Payments $ 5,000 $ 1,000 $ 5,000 Included Premium Difference 9.44% TIV Exposure $721,279 _ Difference 10.95% I Sub-Total $ 142,647 I Sub-Total $ 156,112 Public Officials: Payroll Payroll Preferred Govt'lIns Trust $11,565,367 $13,322,083 Public Officials Liability $ 5,000,000 $ 10,000 $ 59,543 $ 5,000,000 $ 10,000 $ 73,820 $ 1,756,716 Employment Practices Liability $ 5,000,000 $ 25,000 Included $ 5,000,000 $ 25,000 Included Exposure Difference 15.19% Cyber Liability Included Included Included Included Included Included $ 14,277 Sub-Total $ 59,543 I Sub-Total I $ 73,820 Premium Difference 23.98% Workers'Compensation: Payroll Payroll Preferred Govt'I Ins Trust 21/22 Payroll: $11,565,367 22/23 Payroll: $13,322,083 $11,565,367 $13,322,083 to Ex erience Mod:.85 Experience Mod:1.00 $ 1,756,716 Workers'Compensation Statutory $ - $ 143,239 Statutory $ - $ 175,646 Exposure Difference 15.19% Employers Liability $1m/$1m/$1m $ - Included $1m/$1m/$1m $ - Included $ 32,407 $ 143,239 $ 175,646 Premium Difference 22.62% This proposal is intended to give a brief overview.Higher limits may be available.Please refer to coverage forms for complete details regarding definition of terms,exclusions and limitations. 2022/2023 Changes in Exposures LINE OF COVERAGE LIMIT DEDUCTIBLE/SIR APREMNUAL I LIMIT DEDUCTIBLE/SIR APREML 2021/2022 2022/2023 Material Floater: Travelers Material Floater $ 2,000,000 $ 2,500 $ 6,000 $ 2,000,000 $ 2,500 $ 7,500 Flood $ 1,000,000 $ 10,000 $ 1,000 $ 1,000,000 $ 10,000 State Fees $ - State Fees $ 151 Sub-Total $ 7,000 Sub-Total $ 7,651 _ Pollution: Indian Harbor $143,150,048 $148,956,548 Each Pollution Condition/Aggregate $1,000,000/$1,000,000 $ 100,000 $ 64,672 $1,000,000/$1,000,000 $ 100,000 $ 67,906 $ 5,806,500 TRIA $ 647 $ 679 Exposure Difference 4.06% $ $ - $ 3,234 Sub-Total $ 65,319 Sub-Total $ 68,585 Premium Difference 4.95% TOTAL PREMIUM 1,051,013 Expiring Limits 1,238,496 Difference 17.84% t0 This proposal is intended to give a brief overview.Higher limits may be available.Please refer to coverage forms for complete details regarding definition of terms,exclusions and limitations.