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Indian River County Board of County Commissioners above. In 20-21 the program was split into two towers, above includes the combined overall results. In 20-21 we recommended spitting the program into two towers (utility and non-utility), the above includes the combined results. 2020 Property Overview The County's total insurable values for the 20-21 renewal increased from $381,605,432 to $548,820,748, a total increase of 47%. The increase was due to an appraisal the County completed in 2019. The appraisal allowed us to identify the County had enough Utility assets to carve out and approach Star Tech, an MGA that specializes in Utility programs. We offered several program options and the County decided to go with the two separate program towers: • Standalone Layered Program (Non -Utility Assets) with Star Tech (Utility Assets) o Total Premium excluding Fees $1,876,307, o Additional premium of $549,313 expiring, a 3.92% decrease in rate. Two major advantages gained by providing coverage for the Utility assets on a separate policy are a cost savings as well as an increase in the total overall limits and Named Storm limits available in catastrophic loss. 2023 Non -Utility Property Renewal Overview 2023 was one of the hardest markets the insurance industry has experienced in over thirty years. Carrier's started to use tools to determine if an account had valuation issues. If valuation is below their tools, they push for a margin clause, scheduled coverage or charge a rate increase over and above the market average. We also experienced many carriers reducing their capacity to much smaller line sizes and increasing their rates in conjunction. Based on conversations with the County, we agreed to explored $25 million Named Storm limit and various All peril limits. The county bound the below: All Other Perils Named Storm Flood & Earthquake Premium Premium Rate Per Occurrence Per Occurrence Aggregate % % $165,000,000 $25,000,000 $25,000,000 Each except $2,255,000 49.14% 37.58% SFHA $10,000,000 Program Term Changes Below are the material changes and additional terms may change once the program is final: 1. County has decided to consider reducing Named Storm coverage from $40 million to $25 million based on rate increases 2. Hurricane Deductible changed to Named Storm — The previous Named Hurricane deductible only applied if wind speeds exceeded 74 mph or greater and was declared by NOAA to be a Hurricane. A Named Storm deductible includes tropical depressions (max sustained winds 38 mph or less) and tropical storm (max sustained winds 39 to 73 mph). 3. Maximum Deductible Cap for Named Storm or Special Flood Hazard Area removed