TO: Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
Kristin Daniels, Budget Director
FROM: Cynthia Stanton, Risk Manager
DATE: April 22, 2025
SUBJECT: Self Insurance Funds and Property & Casualty Insurance Program
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BACKGROUND
In preparation for the May 1, 2025, renewal, staff worked with Arthur J. Gallagher Risk Management Services, Inc. (AJG) to secure the most comprehensive, cost-efficient property and casualty insurance program for the County. The table below summarizes the lines of coverage, limits and renewal costs, followed by the variables impacting the 2025 renewal rates. There was a total overall premium increase of 8.22% for the Indian River County insurance renewal.
Renewal Summary
Policy Coverage Policy Limits Current Prem Renewal Prem Prem Increase Change %
Property (Non-Utility) $75 Mil/$35Mil $2,105,164 $2,032,685 -$72,479 -3.44%
Property (Utility) $60/$20/$15 Mil $963,319 $1,291,449 $328,130 34.06%
Flood Multi $10,220 $12,074 $1,854 18.14%
Equipment Breakdown $100 Mil $14,390 $15,995 $1,605 11.15%
Terrorism $100 Mil $21,910 $18,000 -$3,910 -17.85%
NCBR PD & Liability $10 Mil $38,700 $42,000 $3,300 8.53%
Inland Marine $20Mil/$2.5 Mil $128,464 $138,707 $10,243 7.97%
Crime $1 Mil $7,009.40 $7,009.40 0.00 0%
Public Entity Excess Liability $2 Mil/$4Mil $241,950 $261,900 $19,950 8.25%
Excess Workers Comp Statutory Max $359,259 $403,771 $44,512 s 12.39%
D&B $1 Mil $50,160.64 $50,429.30 $268.66 .54%
Hull/P&I $1 Mil $6,273 $8,623 $2,350 37.46%
Statutory AD&D $75,000 $13,040 $13,040 0.00 0%
AJG Brokers Fee $125,000 ...
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