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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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PRESENTER(S): |
Brian Reeves, Associate Chief Financial Officer |
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TITLE:
title
2025-2026 UTA Insurance Program and Renewals
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Informational report for discussion.
BACKGROUND:
This report is for discussion per Board of Trustees Policy 2.1.II.E which states:
1. The Executive Director will submit an annual report to the Board of Trustees on the status of the Authority’s financial risk management program including upcoming insurance renewals.
2. The Authority will maintain Public Officials Errors and Omissions Insurance in an amount determined to adequately protect the Authority.
3. The Executive Director will, as necessary, procure other insurance to compensate for losses that would adversely affect the Authority.
DISCUSSION:
In 2025, the U.S. Property & Casualty insurance premiums grew in some areas and remained stable or softened in others. UTA recently completed its annual insurance program renewals. Areas that experienced softening include cyber and terrorism. Other areas in crime, drone, fiduciary, police professional, public officials errors & omissions, and property had little change in premiums. Railroad liability, excess coverage, and excess worker’s compensation experienced larger increases in premium due to market pricing for increase risk of loss.
ALTERNATIVES:
Not applicable
FISCAL IMPACT:
The total premiums for 2025-2026 was $4,067,290, an increase of $344,510 or 9.3% from 2024-2025 premiums.
ATTACHMENTS:
None