HomeMy WebLinkAbout13, Insurance Renewal
Action Item #13 May 4, 2011 Compensation InsuranceProperty, Liability, and Workers’ Award of Contracts for Consideration of the
Property, Liability, and Workers’ Comp 2 Will present renewal package–Client ExecutiveKeith Grand, –District's insurance broker since 2001–Marsh Risk & Insurance•compensation insurance
coverage ends June 1, 2011 The District's annual property, liability and workers’ •Background / History Insurance Renewal
Premium Summary 2011.2%$553,006$551,640Program Premium n/a 65,00020,51650,000US FireMarshWorkers Compensation CommissionMarsh Broker Fee4,5374,537ChubbCrime25,46223,489EssexExcess–Earthquake
46,68940,917LandmarkPrimary–Earthquake (3 Yr Term)18,144(1 Year Term)7,349SteadfastPollution224,571(Annualized)213,830US Fire11 Month Term ending 6/1/2011Workers’ Compensation20,00020,000AWACExcess
Liability Layer nd 2148,603$171,002OneBeaconExcess Layer)st Package (Liability, Property, Auto, and 1Premium2012 -2011PremiumExpiring CarrierCoverage 2012-
Exposure and Rate Comparison 14% decrease in Rate and Premium•Excess Liability–Renewal Premium decreased 12%•Overall rate decreased 20%•Increase in fleet 11%•Auto Liability and Physical
Damage–Renewal Premium decreased 17%•Rate decreased 20%•Exposure increased 3%•General Liability and Management Liability–Premium decreased 10%•Rate decreased 20%•Exposure increased
13%•Property–to $25K–Package Policy (OneBeacon) •
Exposure and Rate Comparison Limits and Deductibles unchanged–Competitive quotes received from Travelers and Hartford––Crime (Chubb) •Renewal premium increased 14% on primary, 5% increase
on excess–No change on primary layer; 8% decrease on excess layer–Exposures increased 14%–Primary and Excess Earthquake (Landmark/Essex)•year option quoted-Multi–premium decreased 22%
@ $25,000 Deductible3 Year–No change in exposure–Pollution Liability (Zurich)•3% decrease in payroll–1% decrease in overall rate–5% increase in Premium–Workers’ Compensation (US Fire)•Flat
Renewal-Excess Policy $10Mil Excess $10Mil (AWAC) •(Continued)
Fiscal Impact Insurance RenewalProperty, Liability, and Workers’ Comp 6 forthcoming FY12 budgetLast five months of renewal will be funded in the •expense$20,000 lower than the FY11 budgeted
insurance –0.2% higher than prior year–$553,006Proposed insurance premiums and fees total •
Recommendation Insurance RenewalProperty, Liability, and Workers’ Comp 7 2012 policy year-2011 Approve Marsh’s Client Services Agreement for the •District for an amount not to exceed
$224,571Compensation coverage which is most favorable to the Authorize the General Manager to negotiate the Workers’ •Workers’ Compensation insurancethe period beginning June 1, 2011,
with the exception of Award contracts for the insurance programs as proposed for •