|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
William Greene, Chief Financial Officer |
|
PRESENTER(S): |
Dave Pitcher, Claims and Insurance Manager |
TITLE:
title
2022-2023 UTA Insurance Renewal Discussion
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Information item for discussion
BACKGROUND:
This insurance renewal proposal is presented as required by Board Policy 2.1.II.F. - Risk Management, which requires:
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:
The insurance market has experienced increases in most markets since UTA’s renewal in 2021. The overall 2022 premium is about five percent higher than the 2021 rate.
UTA has multiple insurance coverages including:
• Vanpool Liability
• Public Officials Employment Practices Liability
• Property
• Railroad Liability
• Railroad Protective
• Police Professional Liability
• Blanket Excess Liability
• Premises General Liability
• Premise Excess Liability
• Public Entity Liability
• Excess Worker’s Compensation
• Cyber and Privacy Liability
• Fiduciary Liability
• Terrorism - Liability
• Crime/Excess Crime
ALTERNATIVES:
N/A
FISCAL IMPACT:
An overall 5% increase in premiums
ATTACHMENTS:
None