HomeMy WebLinkAbout05.b. Receive update of recent insurance market conditions and provide direction regarding alternative risk financing options Page 1 of 1
Item 5.b.
,orVIOIN SAN
May 25, 2021
TO: FINANCE COMMITTEE
FROM: SHARI DEUTSCH, RISK MANAGEMENT ADMINISTRATOR
REVIEWED BY: PHILIP LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION
SUBJECT: RECEIVE UPDATE OF RECENT INSURANCE MARKET CONDITIONS AND
PROVIDE DIRECTION REGARDING ALTERNATIVE RISK FINANCING
OPTIONS
Insurance renewal premiums are expected to increase significantly from current costs, due to "hard
market" conditions. Certain cost mitigation measures are available, but have implications potentially
affecting risk retention levels and operational practices.
Staff will present information affecting the renewal of Central San's commercial insurance policies and
seek direction regarding options to mitigate unfavorable impacts.
Strategic Plan Tie-In
GOAL THREE:Fiscal Responsibility
Strategy 1—Maintain financial stability and sustainability,, Strategy 2—Ensure integrity and transparency in financial
management
May 25, 2021 Regular FINANCE Committee Meeting Agenda Packet- Page 321 of 326