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AJG presented three (3) options for renewal, as illustrated below;
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<br />3.
<br />Same as current program; $25M Named Storm limit,
<br />Arch as $ I ,715,422
<br />workers' comp carrier with $500K & $750K Self- Insured
<br />Retentions and stand-alone Emergency Medical Services
<br />liability
<br />$35M Named Storm limit, include EMS in Package Program,
<br />Safety National as workers' camp carrier with $750K SIR
<br />except $1 M for USL&H and Jones Act
<br />$35M Named Storm limit, include EMS and workers' comp
<br />buffer in Package, and Safety National as workers' comp carrier
<br />$152,289
<br />(8.2%)
<br />$1,698,898 $168,813
<br />(9A%)
<br />$1,790,068 $77,643
<br />(4.2%)
<br />Staff reviewed these options in detail with AJG, and recommends Option 2 based upon the
<br />County's needs and costs.
<br />Savings of two (2) percent, or $2,800, were achieved for the Lloyd's of London package policy
<br />that includes auto liability, general liability, public officials' liability, employee benefits liability
<br />and law enforcement activities. Additionally, by bringing the emergency medical services
<br />insurance into the package program rather than remain as a stand-alone policy, a premium
<br />savings of $14,525 was achieved. Total cost for the package policy with emergency services
<br />liability is $167,348.
<br />For excess workers' compensation coverage, AJG searched the market for carriers that would
<br />underwrite public entity risks. Quotes were obtained from Arch, the incumbent, and Safety
<br />National. Based upon the County's loss history and considering costs, we recommend purchase
<br />of Safety National's workers' compensation coverage with a $750,000 Self -Insured Retention
<br />(SIR) for all claims except $1 million for USL&H and Jones Act claims. Cost for this Safety
<br />National coverage is $179,408 or a savings of $91,672 over the current year's premium and a
<br />savings of $124,247 over Arch's renewal quote.
<br />Property insurance achieved the greatest premium savings, with a 15% savings, or $193,897,
<br />over the present year while maintaining the current $25 million limit for Named Storm coverage.
<br />It additionally increases the flood limit from $20 million to $25 million, increases errors and
<br />omissions from $5 million to $10 million, and other enhancements detailed in the full proposal.
<br />As a result, the property premium for 2014-15 is $1,099,757 or $193,897 less than 2013-14.
<br />Based upon the Probable Maximum Loss Study conducted for this renewal, staff also
<br />recommends the purchase of an additional excess layer of property insurance to bring the total
<br />limit to $35 million Named Storm limit with an all other peril limit at $200 million; cost for this
<br />excess layer is $132,998.
<br />Staff also requested a quote for cyber liability insurance to protect from first and third party
<br />damages resulting from both physical and electronic data breaches. The County possesses
<br />significant protected information and processes are in place to protect it. The proposed coverage
<br />�r not only protects against data breach but also provides for notification expenses, credit
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