HomeMy WebLinkAbout7 - Consideration of Extension of Current Insurance Policies
ACTION ITEM PoliciesCurrent Insurance Consideration of Extension of PoliciesCurrent Insurance Consideration of Extension of 2019May 14, #7
Consideration of Extension of Current Insurance 2021)-2018term (year -cyber coverage to InterWest Insurance Services for up to a threefor insurance brokerage services for annual property,
liability and March, 2018, the District Board of Directors awarded the contract In •services via InterWestDistrict utilizes insurance brokerage The •BACKGROUND / HISTORY PoliciesConsideration
of Extension of Current Insurance Policies
NEW INFORMATION new expiration July 1, 2019–A 30 day extension is available •Travelers will not continue existing coverage for a new one year term•Northern Californiaand the high perceived
fire danger following the 2018 wildfires in Most carriers refused to quote based primarily on increased liability •Authority rescinded offer to quoteSpecial District Risk Management
•InterWest solicited quotes from more than 35 insurance carriers•PoliciesConsideration of Extension of Current Insurance PoliciesConsideration of Extension of Current Insurance
NEW INFORMATION 170% increase–Offered coverage: $67,000 per month •Existing coverage: $24,800 per month•to $669,969 for a 10 month termThe proposed coverage increased from $297,665 for
a 12 month term •Required enrollment for a 3 year term•Period of coverage offered was June 1, 2019 to April 1, 2020•Management Authority (JPRIMA)The quote received was from Joint Powers
Risk and Insurance •InterWest received only one quote for coverage •PoliciesConsideration of Extension of Current Insurance PoliciesConsideration of Extension of Current Insurance
NEW INFORMATION 3 year term for insurance•Requires membership in ACWA•Insurance Authority (JPIA)Association of California Water Agencies (ACWA) Joint Powers •Staff has approached an
additional carrier for a quote•costsThey are also paring the current coverage quote to decrease District •InterWest continues to work toward other quotes for coverage •PoliciesConsideration
of Extension of Current Insurance PoliciesConsideration of Extension of Current Insurance
FISCAL IMPACT includes funds for insuranceThe approved FY19 budget •PoliciesConsideration of Extension of Current Insurance PoliciesConsideration of Extension of Current Insurance
RECOMMENDATION Districtthe best possible terms and conditions for the coverage with from InterWest and other carriers for additional quotes to 2 months with Travelers Insurance and InterWest
in order to obtain Authorize the General Manager to execute a contract extension of up •PoliciesConsideration of Extension of Current Insurance PoliciesConsideration of Extension of
Current Insurance