|
Analysis
<br />Attached, please find the detailed Executive Summary prepared by Erica Connick, Account
<br />Executive, AJG. Several charts within the Executive Summary detail the various lines of
<br />coverage. Highlights of the renewal are:
<br />Property: Total insured property values decreased 2.27% with the transfer of Historic
<br />Dodgertown properties coverage to that organization. The renewal was fully marketed to 30
<br />markets, yet with the industry facing insured losses from Florence and Michael along with the
<br />California wildfires, the property market has hardened. At the same time, the County has
<br />recovered $5,688,375 from Matthew and is to receive an estimated $3,435,183 for Irma,
<br />representing 115% of the premium paid for the last five policy years.
<br />The table below illustrates historical premium data:
<br />Policy Year
<br />Exposure
<br />Premium
<br />Annual
<br />Rate
<br />Limits
<br />Purchased
<br />Named Storm
<br />Limit
<br />2007-08
<br />342,013,377
<br />2,387,500
<br />0.7
<br />150,000,000
<br />50,000,000
<br />2008-09
<br />414,241,373
<br />1,950,350
<br />0.47
<br />150,000,000
<br />50,000,000
<br />4/1/09-
<br />5/1/10
<br />426,623,770
<br />1,412,500
<br />0.33
<br />175,000,000
<br />25,000,000
<br />2010-11
<br />301,589,497
<br />1,350,000
<br />0.45
<br />200,000,000
<br />50,000,000
<br />2011-12
<br />347,436,734
<br />1,049,302
<br />0.3
<br />200,000,000
<br />50,000,000
<br />2012-13
<br />332,426,422
<br />1,316,000
<br />0.4
<br />200,000,000
<br />25,000,000
<br />2013-14
<br />333,657,066
<br />1,264,537
<br />0.38
<br />200,000,000
<br />25,000,000
<br />2014-15
<br />342,345,764
<br />1,205,000
<br />0.35
<br />200,000,000
<br />35,000,000
<br />2015-16
<br />343,203,562
<br />994,238
<br />0.29
<br />200,000,000
<br />35,000,000
<br />2016-17
<br />352,048,567
<br />948,446
<br />0.27
<br />200,000,000
<br />40,000,000
<br />2017-18
<br />365,509,174
<br />984,710
<br />0.27
<br />200,000,000
<br />40,000,000
<br />2018-19
<br />381,676,150
<br />1,240,000
<br />0.32
<br />200,000,000
<br />40,000,000
<br />2019-20
<br />372,933,092
<br />1,324,438
<br />0.36
<br />200,000,000
<br />40,000,000
<br />Equipment Breakdown: The $10,742.00 renewal premium is a 1.36% premium decrease.
<br />Inland Marine: The premium increased 12.38% with a renewal premium of $67,193.00.
<br />Included in this line of coverage are vehicles valued over $100,000.00, contractors' equipment,
<br />rented and leased equipment and golf carts. The premium increase is based upon a 7% rate
<br />decrease but increased inventory in the line of coverage. The loss limit has also been increased
<br />from $15 million to $20 million.
<br />Terrorism: Renewal premiums have decreased. For the property program, the premium is
<br />$8,729.00. For the liability program, the premium is $17,807.00.
<br />Crime: The premium remains the same upon renewal. Coverage will remain with the incumbent
<br />carrier, Hanover.
<br />127
<br />
|