HomeMy WebLinkAbout05.b. (Handout) Insurance update presented at meeting Item 5.b.
(Handout)
General Liability Coverage by Layer
Expiring Renewal Offer
$82,190
Allied World Allied World$5 mil xs$10.5 mil $5 mil xs$10.5 mil $
Safety National � Safety National
$77,435 $5mil xs$5.5 mil $5 mil xs$10.5 mil $
Argonaut Safety National $430,456
$267,364 $5 mil xs SIR $5 mil xs$5.5 mil (61%)
$426,992
$500,000 SIR $500,000 SIR
Matters of Concern:
• Argonaut Refusal to Renew Coverage
• Known and Unknown Price Increases
• Potential Required SIR Increase to $1 million
• Potential Loss of Coverage for Inverse and Earth Movement
• Short Window to Seek Board Approval/Authorization
CSRMA GL Pool
Cons
Safety National Pros • Membership Subject to Exec
$15 mil xs$10.5 • Keep$500,000 SIR Committee Approval (late June)
• Minimum 3 yr Commitment
• Keep Coverage for Inverse . 6 Months Advance Written
• Potentially More Stable Notice to Leave Pool
Munich Re Premiums • SIR Becomes a Deductible
$10 mil xs SIR
• Seat on the Executive • Lose Control of Claims Handling
Committee* Beyond Initial Response *
• Program Administration . Must use Panel Counsel *
$418,000 same as Workers Comp Pool
• Settlement Authority Reduced to
$500,000 $5,000
Timeline and Recommendations
6/3 Board Meeting 6/17 Board Meeting
5/25 Finance Committee • Report on Options • Select Option and Authorize
• • Consider O Payment of Premium OR
Consider Options Options,Authorize premium
• Provide Direction to Staff payment NTE$$OR * Authorize GM to make decision
when more info is available
0 wait for more information re:cost