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Indian River County, Florida
<br />* * MEMORANDUM
<br />�R1pA
<br />File ID: 25-0362
<br />R
<br />J
<br />Indian River County
<br />Administration Complex
<br />1801 27th Street
<br />Vero Beach, Florida 32960
<br />indianriver.gov
<br />Type: Consent Staff Report Meeting Date: 4/22/2025
<br />TO: Board of County Commissioners
<br />THROUGH: John A. Titkanich, Jr., County Administrator
<br />Kristin Daniels, Budget Director
<br />FROM: Cynthia Stanton, Risk Manager
<br />DATE: April 22, 2025
<br />SUBJECT: Self Insurance Funds and Property & Casualty Insurance Program
<br />BACKGROUND
<br />In preparation for the May 1, 2025, 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, followed
<br />by the variables impacting the 2025 renewal rates. There was a total overall premium increase of 8.22% for
<br />the Indian River County insurance renewal.
<br />Renewal Summary
<br />Policy Coverage
<br />Policy Limits
<br />Current Prem
<br />Renewal Prem
<br />Prem
<br />Increase
<br />Change %
<br />Property (Non -Utility)
<br />$75 Mil/$35Mil
<br />$2,105,164
<br />$2,032,685
<br />-$72,479
<br />-3.44%
<br />Property (Utility)
<br />$60/$20/$15 Mil
<br />$963,319
<br />$1,291,449
<br />$328,130
<br />34.06%
<br />Flood
<br />Multi
<br />$10,220
<br />$12,074
<br />$1,854
<br />18.14%
<br />Equipment Breakdown
<br />$100 Mil
<br />$14,390
<br />$15,995
<br />$1,605
<br />11.15%
<br />Terrorism
<br />$100 Mil
<br />$21,910
<br />$18,000
<br />-$3,910
<br />-17.85%
<br />CBR PD & Liability
<br />$10 Mil
<br />$38,700
<br />$42,000
<br />$3,300
<br />8.53%
<br />Inland Marine
<br />$20Mil/$2.5 Mil
<br />$128,464
<br />$138,707
<br />$10,243
<br />7.97%
<br />Crime
<br />$1 Mil
<br />$7,009.40
<br />$7,009.40
<br />0.00
<br />0%
<br />Public Entity Excess Liability
<br />$2 Mil/$4Mil
<br />$241,950
<br />$261,900
<br />$19,950
<br />8.25%
<br />Excess Workers Comp
<br />Statutory Max
<br />$359,259
<br />$403,771
<br />$44,512
<br />s 12.39%
<br />&B
<br />$1 Mil
<br />$50,160.64
<br />$50,429.30
<br />$268.66
<br />.54%
<br />Indian River County, Florida Page 1 of 3 Printed on 4/17/2025
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