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<br />DEPARTMENTAL MATTERS
<br />INDIAN RIVER COUNTY
<br />INTER -OFFICE MEMORANDUM
<br />OFFICE OF MANAGEMENT AND BUDGET
<br />DATE: April 12, 2022
<br />TO: BOARD OF COUNTY COMMISSIONERS
<br />THROUGH: Jason E. Brown, County Administrator
<br />FROM: Kristin Daniels, Director, Office of Management and Budget
<br />Cynthia Stanton, Risk Manager
<br />SUBJECT: Self -Insurance Funds and Property and Casualty Insurance Program
<br />BACKGROUND:
<br />In preparation for the May 1, 2022 renewal, staff worked with Arthur J. Gallagher Risk Management
<br />Services, Inc. (AJG) to secure the most comprehensive, cost-efficient property and casualty insurance
<br />program for the County. The table below summarizes the lines of coverage, limits and renewal costs,
<br />followed by the variables impacting the 2022 renewal rates. There was a total overall increase of 14%
<br />for the Indian River County insurance renewal.
<br />Renewal Summary
<br />Policy
<br />Coverage
<br />Policy
<br />Limits
<br />Current
<br />Premium
<br />Renewal
<br />Premium
<br />Premium
<br />Increase
<br />Premium
<br />Change
<br />Property (Non -Utility)
<br />$165 Mil*
<br />$1,351,104
<br />$1,511,638
<br />$160,534
<br />12%
<br />Property (Utility)
<br />$60 Mil*
<br />$650,004
<br />$736,424
<br />$86,420
<br />13%
<br />Flood
<br />Multi
<br />$8,637
<br />$9,067
<br />$430
<br />5%
<br />Equipment Breakdown
<br />$100 Mil
<br />$9,827
<br />$10,750
<br />$923
<br />9%
<br />Terrorism Property Damage
<br />$10 Mil
<br />$16,750
<br />$17,025
<br />$275
<br />2%
<br />NCBR PD & Liability
<br />$10 Mil
<br />$24,950
<br />$26,710
<br />$1,760
<br />7%
<br />Inland Marine
<br />$20Mil/$2.5 Mil
<br />$94,513
<br />$107,669
<br />$13,156
<br />14%
<br />Crime
<br />$1 Mil
<br />$6,597
<br />$6,597
<br />0
<br />0%
<br />Public Entity Excess Liability
<br />$2 Mil/$4Mil
<br />$182,100
<br />$207,500
<br />$25,400
<br />14%
<br />Excess Workers Comp
<br />Statutory Max
<br />$229,137
<br />$290,368
<br />$61,231
<br />27%
<br />D&B
<br />$1 Mil
<br />$30,368
<br />$42,870
<br />$12,502
<br />41%
<br />Hull/P&I
<br />$1 Mil
<br />$7,761
<br />$8,288
<br />$527
<br />7%
<br />Church Parking Lot Liability
<br />$1 Mil
<br />$2,087
<br />$0
<br />Included in PE
<br />-100%
<br />Statutory AD&D
<br />$75,000 1
<br />$6,166 1
<br />$12,363 1
<br />$6,197
<br />101%
<br />AJG Brokers Fee
<br />$175,000
<br />$175,000
<br />0%
<br />Total
<br />$2,795,001
<br />$3,162,269
<br />14%
<br />148
<br />
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