HomeMy WebLinkAbout8, Property, Liability and Cyber Insurance
Action and Cyber InsuranceContract for Property, Liability, Consideration of the Award of a and Cyber InsuranceContract for Property, Liability, Consideration of the Award of a May 3,
2017 Item #8
Consider Property, Liability, Insurance year term-Services for up to a threeInsurance InterWestand workers’ compensation contracts to for insurance brokerage services for annual property,
liability In February 2015, the Board of Directors awarded the contract •BACKGROUND / HISTORY Consider Property, Liability, Insurance
NEW INFORMATION carriers based on price and rating of the companyJune 1, 2018 and selected –the policy period June 1, 2017 solicited quotes from various insurance companies for InterWest•obtain
competitive bids for the insurance packageto complete the necessary letters and applications to InterWestThe District worked with Matt Bauer and Tony Pozas with •year agreement for
-of a threeare on the last year Insurance Services and the District InterWest•InsuranceLiability and Cyber Consider Property, InsuranceLiability and Cyber Consider Property,
NEW INFORMATION$280,931$276,175Total$13,974$14,165TravelersCyberyear $25,800-3$8,6006,289 $SteadfastPollution $4,543$4,543Chubb Crime$77,400$80,665Earthquake$24,500$24,500AWACExcess/Umbrella$151,914$
146,013One BeaconLiabilityGeneral Property &Notes2017/182016/17CompanyCoverage summarized below:Quotes for the policies renewing on June 1, 2017 are •Consider Property, Liability and
Cyber InsuranceConsider Property, Liability and Cyber Insurance
NEW INFORMATION coverage increased from $500,000 to $1,000,000Cyber insurance premium decreased, yet, the business income •future Board meetingRisk Management Authority. Staff will present
the renewal at a in 2016 with Special Districts st year policy period starting July 1Workers’ compensation insurance policy was shifted to a one •Consider Property, Liability and Cyber
InsuranceConsider Property, Liability and Cyber Insurance
FISCAL IMPACT planning future budgetsFY18 insurance costs will be taken into consideration when •insurance expenseThe amount for the remainder of 2017 is below FY17 budgeted •yearis
$280,931, a 1.7% increase from prior and cyber premium cost liability, The proposed property, general •Consider Property, Liability and Cyber InsuranceConsider Property, Liability and
Cyber Insurance
RECOMMENDATION not to exceed $44,000June 1, 2017 and ending June 1, 2018 including a brokerage fee Insurance for InterWestfor insurance brokerage services with extentionyear -Authorize
the General Manager to execute a one•ending June 1, 2018 not to exceed $280,931cyber insurance for the period beginning June 1, 2017 and Renewal Proposal for the property, liability
and InterWestby Authorize the General Manager to execute contracts presented •Consider Property, Liability and Cyber InsuranceConsider Property, Liability and Cyber Insurance