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INDIAN RIVER COUNTY
<br />INTER -OFFICE MEMORANDUM
<br />OFFICE OF MANAGEMENT AND BUDGET
<br />TO:
<br />Board of County Commissioners
<br />THROUGH:
<br />John A. Titkanich, Jr., County Administrator
<br />Premium
<br />Increase
<br />Kristin Daniels, Budget Director
<br />FROM:
<br />Cynthia Stanton, Risk Manager
<br />Date:
<br />April 7, 2024
<br />SUBJECT:
<br />Self -Insurance Funds and Property & Casualty Insurance Program
<br />BACKGROUND:
<br />In preparation for the May 1, 2024, 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 2024 renewal rates. There was a total overall premium increase
<br />of 3.08% 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 />$100 Mil/$25Mil
<br />$2,108,479.01
<br />$2,125,422
<br />$16,942.99
<br />.80%
<br />Property (Utility)
<br />$60 Mil
<br />$873,422
<br />$963,319
<br />$89,897
<br />10.29%
<br />Flood
<br />Multi
<br />$9,843
<br />$10,220
<br />$377
<br />3.83%
<br />Equipment Breakdown
<br />$100 Mil
<br />$12,450
<br />$14,390
<br />$1,940
<br />15.58%
<br />Terrorism
<br />$100 Mil
<br />$20,000
<br />$21,910
<br />$1,910
<br />9.55%
<br />NCBR PD & Liability
<br />$10 Mil
<br />$33,500
<br />$38,700
<br />$5,200
<br />15.52%
<br />Inland Marine
<br />$20Mil/$2.5 Mil
<br />$119,651
<br />$131,743
<br />$12,092
<br />10.11%
<br />Crime
<br />$1 Mil
<br />$6,616
<br />$7,009.40
<br />$393.40
<br />5.95%
<br />Public Entity Excess Liability
<br />$2 Mil/$4Mil
<br />$222,000
<br />$243,043
<br />$21,043
<br />9.48%
<br />Excess Workers Comp
<br />Statutory Max
<br />$329,233
<br />$359,259
<br />$30,026
<br />9.12%
<br />D&B
<br />$1 Mil
<br />$58,349.11
<br />$50,160.64
<br />-8,188.47
<br />-14.03%
<br />Hull/P&I
<br />$1 Mil
<br />$5,951
<br />$6,273
<br />$322
<br />5.41%
<br />Statutory AD&D
<br />$75,000
<br />$12,362
<br />$13,040
<br />$678
<br />5.48%
<br />AJG Brokers Fee
<br />$175,000
<br />$125,000
<br />-$50,000
<br />-28.57%
<br />Total
<br />$3,986,856.12
<br />$4,109,489.04
<br />$122,632.92
<br />3.08%
<br />76
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