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<br />Indian River County BOCC
<br />A -Date ; V 2010
<br />5'1::011 5 '1t2012 5,--'1.!2013
<br />511?2014 5112015 5(112016
<br />5/1/2011
<br />Total ia_arrableVabes 5426,623,7x0
<br />53015891497 5331,436,7'34 5332426,422
<br />5333,651,066 $342,345,764 $343,203,562
<br />$352,048,567
<br />Hurricane limit 535,000,000
<br />SS0,000,000 550,000,000
<br />-Named Storm Limit
<br />53.5,000,000
<br />525,000,000 535,000,000
<br />S35,000,000
<br />$35,000,000
<br />.Total Limits
<br />;Purchased: S175,000,000
<br />5200,000,000 5200,000,000 5200,000,000
<br />S100,000,000 S200,000,000
<br />=
<br />5300,000,000
<br />$200,000,000
<br />250 Tr. PML - R:Mfs
<br />537,008,893 535,1003 $39.443259
<br />S-39-260,026 SP,980,465
<br />534,9.5,640
<br />$34,333,563
<br />IMS
<br />5396,987 SS21.979 $866,813
<br />$755,490 $613,338
<br />5610,065
<br />$687,059
<br />;Compme Rate1100 50,3300
<br />50.4470 $0.3020 80.3958
<br />S031S9 50.3519
<br />SUM
<br />$0.2608
<br />JotalBmPremium $1,412-500
<br />SOK000 51,049:302 $0116, O
<br />S1 64,537 Sl?45O
<br />5994?38
<br />$918,446
<br />Rate Variance
<br />32.4-'% rate 335 rate
<br />353% increase decrease increase
<br />414 rate rtductcn7.13%rate reductionreducticn
<br />17.67%rate
<br />99% rate reducton
<br />.Premium Variance
<br />25.1% premium
<br />4.4%decrease 22.2736decrease increase
<br />4.7% premium
<br />reduction even with
<br />4%premium purchasing add]
<br />reduction SIM NS limit
<br />5210,762 or 17 r9%
<br />premium reducticn
<br />$75,769 or 7.6%
<br />premium reduction
<br />12009 - Property program included all values for property including tourers & contractors equipment andvehides.
<br />2010 & 2011- Landmark ($150M XS $50M) exduded Flood, Earth Movement & Hurricane in their layer.
<br />12012 - Landmark ($175M XS $25M) excluded Flood, Earth Movement & Named Storm.
<br />2013 - Landmark ($175M XS $25M) excluded Flood, Earth Movement & Named Stomti
<br />2414 Buildingvalues were increased by 2.5% and contents by 1.5% for inflationary purposes. Also secured 16% rate reduction which allowed the County additional
<br />;money to purchase addrional Named Storm limits (total WM) while still reducing their overall premum. Final program still generated a savings of $59,537.
<br />2015- ]3uilding values were increased by 2% to keep up with the cost of inflation.
<br />As you can see, Indian River County's total insured property values for 2016 increased from $343,203,562
<br />to $352,048,567, a total increase of $8,845,005 or 2.8%. The main reason for the increase in value was that
<br />the County did increase their building values by 2% to keep up with the cost of inflation.
<br />We negotiated with the property markets to provide a renewal rate of $0.2608 per $100 in total insured
<br />Values, which is a rate reduction of 9.9%. The expiring average rate was $0.2897.
<br />The total annual base premium for the 2016-2017 policy term is $918,446 which is a cost savings of $75,764
<br />(or7.6% premium reduction with the $35M total of Named Storm limits) as compared to the expiring Property
<br />premium of $994,238.
<br />I
<br />Please also note the above chart reflects the following:
<br />I
<br />• i 2015-2016: Rate reduction of 17.67%, which reflected the savings of $210,762
<br />• 2014-2015: Initially a 16% rate reduction was negotiated and with this savings, the County purchased an
<br />additional $10M in Named Storm limits. Even with purchasing the additional Named Storm limits, a 7.13%
<br />rate reduction or a savings of $59,537 was still recognized
<br />• 2013-2014: Secured a 4% rate reduction which generated a premium savings of $51,463.
<br />As reflected in the above chart, the renewal rate of $0.2608 is the lowest rate since prior to 2009.
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