|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Viola Miller, Chief Financial Officer |
|
PRESENTER(S): |
Dave Pitcher, Claims and Insurance Manager |
|
|
|
TITLE:
title
2024-2025 UTA Insurance Program and Renewals
end
AGENDA ITEM TYPE:
Report
RECOMMENDATION:
Informational report for discussion.
BACKGROUND:
This is presented in compliance with Board of Trustees Policy 2.1.II.E which states:
• The Authority will maintain Public Officials Errors and Omissions Insurance in an amount determined to adequately protect the Authority.
• The Executive Director will, as necessary, procure other insurance to compensate for losses that would adversely affect the Authority.
This presentation will also include a benchmark comparison of anticipated premium expenditures approved by the Board last year under the Insurance Brokerage Services contract.
DISCUSSION:
Insurance Market - Some areas of the insurance market are beginning to soften particularly with property and cyber risks. We are still seeing increases in some liability coverages.
Public Officials Errors and Omissions
0.15% increase
Other Insurance
Property 0.41% decrease
Rail Liability 5.05% increase
Railroad Protective 4.43% increase
Rideshare Vanpool Liability 6.13% increase
Police Professional Liability 1.73% decrease
Blanket Excess Liability 6.13% increase
Premises Liability 1.73% increase
Excess Work Comp Liability Flat Renewal
Cyber Security/Privacy Liability 3.03% decrease
Fiduciary Liability 3.02% increase
Terrorism - Liability only 18.03% decrease
Crime 2.71% increase
Overall Premiums: 3.08% increase
Benchmark with projections for 2024:
Projected 2024 Premiums: $3,631,399.50
Actual 2024 Premiums: $3,722,780.00
The program renewal for 2024 was $91,380.50 over the projection made during the contract approval for Insurance Brokerage Services. This is still within the five-year approved amount.
ALTERNATIVES:
None
FISCAL IMPACT:
An overall 3.08% increase in premiums for 2024-2025.
ATTACHMENTS:
None