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Indian River County Board of County Commissioners allagher
<br />Inland Marine — Vehicles over $100,000, Contractors Equipment, Rented & Leased Equipment and
<br />Golf Carts
<br />In 2021, we fully marketed the program on your behalf and received various declinations stating they
<br />could not compete with your current program or provide coverage requested. Auto Physical Damage
<br />continues to be difficult to place due to concentration of vehicles or equipment and/or the Hail or Named
<br />Storm exposure. Your carrier added a $2,500,000 sublimit for each peril of Named Wind Storm and
<br />Flood. The 2020 program included Named Windstorm and Flood up to the $20,000,000 policy limit. We
<br />did offer alternatives with purchasing excess Named Windstorm and Flood, which would add an
<br />additional $100,000 in premium to the program to increase limits to $20 million.
<br />This year we approached four markets direct and seven through a wholesaler. The renewal exposure is
<br />up 5.68% and the renewal premium is $131,743. The carrier has changed the deductible structure: The
<br />expired policy had a $100,000 deductible except for Flood it was $250,000 per occurrence. On renewal
<br />the Flood deductible will now also include Named Windstorm. All other terms and conditions per expiring.
<br />Historical Overview
<br />5.68%
<br />10.11% I 8.83%
<br />The County will need to continue the audit the current policy and the County will need to provide the
<br />rental expenditure for leased equipment. The underwriter has estimated the audit to be around $6,800
<br />and has agreed to waive the additional premium if the County renews.
<br />Terrorism Prooertv. NCBR Prouertv & Terrorism Liabilitv includina NCBR
<br />The County's Terrorism & NCBR policy covers all locations currently reported on your Property program,
<br />and inland marine schedule. The total insured value for this renewal is $675,180,339, a 5.34% exposure
<br />increase. The renewal premium is $60,610; a 13.29% increase. The increase is due to market
<br />conditions specifically war or conflicts across the globe. We did also request a quote from Liberty
<br />however to date they have not provided an alternative.
<br />The Terrorism policy will remain on the Vehicle A form which follows your all risk placement with sublimits
<br />that override the all-risk in respect to terrorism only. The Total Property Damage is limit $100 million and
<br />sublimits include Claims Preparation, Transit, Seepage Contamination and Pollution / Clean-up, etc. The
<br />policy provides financial loss as a result of a threat, loss of attraction including non -damage to the insured
<br />out to a 2.5 mile radius from an insured location and denial of access including non -damage out of 2.5
<br />mile radius from an insured location. The deductible is $10,000 and also includes a Liability limit of
<br />$3,000,000.
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<br />Exposure
<br />Premium
<br />Annual Rate
<br />14-15
<br />$14,816,005
<br />$45,854
<br />$0.3095
<br />15-16
<br />$19,531,041
<br />$53,032
<br />$0.2715
<br />16-17
<br />$21,970,630
<br />$53,606
<br />$0.2440
<br />17-18
<br />$22,973,220
<br />$51,771
<br />$0.2254
<br />18-19
<br />$25,088,873
<br />$59,790
<br />$0.2383
<br />19-20
<br />$29,592,882
<br />$67,193
<br />$0.2271
<br />20-21
<br />$34,365,792
<br />$74,954
<br />$0.2181
<br />21-22
<br />$35,439,055
<br />$94,513
<br />$0.2667
<br />$39,594,962
<br />$43,275,554
<br />$44,517,725
<br />$106,048
<br />$119,651
<br />$131,743
<br />$0.2719
<br />$0.2772
<br />$0.2960
<br />5.68%
<br />10.11% I 8.83%
<br />The County will need to continue the audit the current policy and the County will need to provide the
<br />rental expenditure for leased equipment. The underwriter has estimated the audit to be around $6,800
<br />and has agreed to waive the additional premium if the County renews.
<br />Terrorism Prooertv. NCBR Prouertv & Terrorism Liabilitv includina NCBR
<br />The County's Terrorism & NCBR policy covers all locations currently reported on your Property program,
<br />and inland marine schedule. The total insured value for this renewal is $675,180,339, a 5.34% exposure
<br />increase. The renewal premium is $60,610; a 13.29% increase. The increase is due to market
<br />conditions specifically war or conflicts across the globe. We did also request a quote from Liberty
<br />however to date they have not provided an alternative.
<br />The Terrorism policy will remain on the Vehicle A form which follows your all risk placement with sublimits
<br />that override the all-risk in respect to terrorism only. The Total Property Damage is limit $100 million and
<br />sublimits include Claims Preparation, Transit, Seepage Contamination and Pollution / Clean-up, etc. The
<br />policy provides financial loss as a result of a threat, loss of attraction including non -damage to the insured
<br />out to a 2.5 mile radius from an insured location and denial of access including non -damage out of 2.5
<br />mile radius from an insured location. The deductible is $10,000 and also includes a Liability limit of
<br />$3,000,000.
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