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Indian River County Board of County Commissioners *Gallagher
<br />CORE'360
<br />4. Scheduled coverage or a Margin Clause — Coverage will be limited to value reported in your
<br />statement of value for each item or 110% of the reported value
<br />5. $10,000,000 Debris Removal sublimit added or 25% of the loss, whichever is lesser
<br />6. Dedicated $5,000,000 Expediting Expense sublimit removed and now included with the
<br />$5,000,000 sublimit for all Time Element Coverages (Business Income, Extra Expense and
<br />Expediting)
<br />7. Added $10,000,000 sublimit for Protection and Property
<br />8. Special Flood Hazard Area deductible to be applied to locations partially within zone vs. "wholly"
<br />9. Unintentional Errors and Omission — Reduced from $10 million to $2.5 million
<br />10. Swing Clause — reduced from 5% to 2.5%
<br />2024
<br />This year we approached five markets direct, thirty-one markets via Risk Placement Services and forty-
<br />three syndicates between London and Bermuda markets via Gallagher UK.
<br />The County's total insured value went up 9.07% this was based on a combination of the County
<br />increasing the values for specific locations mainly for property in the open or contents. All buildings the
<br />County did not increase values a 5% trend was applied to the building. This year we are oversubscribed
<br />and we have leveraged new capacity against expiring incumbents to drive down the year over year
<br />premium. The renewal premium including surcharges is $2,125,422. The expired total premium was
<br />$2,108,479.01. This is a $16,942.99 increase in premium. The renewal rate is a 7.78% decrease over
<br />expiring. We do recommend the County consider increasing the Named Wind Storm limit and obtained
<br />the following options:
<br />Option
<br />All Other Perils
<br />Named Storm
<br />Flood & Earthquake
<br />Premium
<br />AP
<br />Per Occurrence
<br />Per
<br />Aggregate
<br />Occurrence
<br />1 -
<br />$100,000,000
<br />$25,000,000
<br />$25,000,000 Each
<br />$2,125,422
<br />As Is
<br />except SFHA
<br />$10,000,000
<br />2
<br />$100,000,000
<br />$27,500,000
<br />$25,000,000 Each
<br />$2,166,356
<br />$40,934
<br />except SFHA
<br />$10,000,000
<br />3
<br />$100,000,000
<br />$32,500,000
<br />$25,000,000 Each
<br />$2,253,860
<br />$128,438
<br />except SFHA
<br />$10,000,000
<br />We're still pending the majority of the quotes however to date were aware of the following material
<br />changes from expiring:
<br />1. The Primary $25 million all carriers have agreed to blanket. The expired program had one carrier
<br />that provided a 110% margin clause.
<br />2. The carriers above $25,000,000 will continue to provide a 110% margin clause
<br />3. Berkshire
<br />a. Has requested to add a sublimit of $5,000,000 for Riots, Strikes, Malicious Damage
<br />and/or Civil Commotion. We will leverage being oversubscribed to get this increased
<br />and/or removed.
<br />b. Loss Adjustment Provisions Applicable to Insured's Retention — This form includes a drop
<br />down clause, priority of payments and explains how the deductible applies. This form
<br />isn't necessary and we will ask if they can remove the form or we can amend the lead
<br />form to address any concerns they may have.
<br />c. They want to add the following to additional property not covered: walkways, footpaths,
<br />causeways, boardwalks, decks and other similar structures whether elevated or not;
<br />bridges, footbridges, slipways, harbors, marinas, roadways and other similar structures
<br />whether elevated or not. We will need to work through which items we currently report
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