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and $500,000 for all other employees. Total premium under this alternative is $1,716,755, a <br />savings of $150,936, or 8.1% less than the current year coverage. <br />Alternative 2 — This is the same as Alternative 1, without the additional $10 million in coverage <br />for Named Storms. The additional coverage carries a cost of $122,768. Therefore, the total <br />premium under this alternative would be $1,593,987. <br />Alternative 3 — This is the same as Alternative 1, with the addition of a buffer layer of coverage <br />for worker's compensation. The buffer layer would bring the SIR to the same level as the <br />current year coverage ($500,000/$750,000 police and fire) at a cost of $91,170. The total <br />premium under this alternative would be $1,807,925. <br />Alternative 4 — This is the same as Alternative 1, without the purchase of the Cyber Liability <br />policy. The annual premium for Cyber Liability coverage is $17,877. Therefore, the total <br />premium under this alternative would be $1,698,878. <br />Recommendation <br />Staff recommends that the Board approve the renewal and authorize staff to bind coverage as <br />outlined in Alternative 1 for May 1, 2014 through April 30, 2015 with a current annual premium <br />of $1,716,775 based upon the current schedule of values and coverage selections. <br />Approved for Agenda <br />Joseph A. Baird, County Administrator <br />April 1, 2014 <br />Indian River <br />Approved Date <br />Count <br />Admin. <br />a7 <br />Legal <br />l <br />Budget <br />nG 6 <br />Dept. <br />Risk Mgr. <br />03-2 - <br />42 <br />