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Board of County Commissioners Meeting Minutes - Final April 18, 2023 <br />C. PUBLIC NOTICE ITEMS <br />11. COUNTY ADMINISTRATOR MATTERS <br />12. DEPARTMENTAL MATTERS <br />A. Community Development <br />B. Emergency Services <br />C. General Services <br />D. Human Resources <br />E. Information Technology <br />F. Office of Management and Budget <br />12.F.1. 23-0316 Self -Insurance Funds and Property & Casualty Insurance Program <br />Recommended Action: Staff recommends the Board approve the proposed renewal and authorize staff to <br />bind coverage for May 1, 2023 through April 30, 2024 with a current premium of <br />$4,042,976.11. The renewal premium is based upon the current schedule of <br />values, coverage selections and includes the annual broker fee of $175,000. <br />Attachments: Staff Report <br />Executive Summary <br />County Risk Manager Cynthia Stanton referred to staffs memo dated April 18, <br />2023, as she presented renewals for the County's property and casualty <br />insurance. She noted there was an overall increase of almost 28% in premiums <br />due to a volatile insurance market in the wake of last year's hurricane season. Ms. <br />Stanton continued with an in-depth reporting of the lowered coverage and <br />increased rates across all categories which were necessary due to budget <br />constraints; she made mention that all counties in the state were forced to make <br />similar choices. <br />Management and Budget Director Kristin Daniels forecast the increased costs <br />across several sectors in advance of an expectedly difficult fiscal year. <br />Commissioner Flescher thanked Ms. Stanton for making the difficult choices in <br />order to best manage the County's risk exposure. <br />Bob McPartlan, Sebastian City Council member, discussed the insurance <br />market's impact on homeowners and the County, and wondered if multiple <br />counties could join to negotiate better insurance rates. <br />Indian River County Florida Page 14 <br />