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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 <br />powered by L.egistar' , 37 <br />