Property- Liability Insurance Renewals Budget
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Line of Coverage Renewal Date Carrier (s) 2021/2022 Program Cost (Annual) Estimated % Change 2022/2023 Estimated Cost 2022/2023 Actual Cost Notes Notes Continued: Earthquake, Flood, Auto, Cyber Liability, and Pollution Liability coverages 7/1/2022 Various Including - Lexington $1,042,173.6 33.53% $1,391,575 TBD 33.53% Premium increase. The rate increase for property and associated lines is 20%, however the cyber increase is 265% bringing the total rate increase up to 24.64%. PROJECTED PREMIUMS OUTSIDE OF APIP: program with lower Property Limits not including Auto, Cyber, or Pollution is $865,87 BBR -Cyber Enhancement over APIP for Notified Individuals- (250,000 Notified Lives) 7/1/2022 Beazley-Lloyds $72,240 80-400% $130,032-$288,960 TBD Minimum security controls need to be considered: MFA for remote access End point isolation and containment Backups kept off-line Cyber Capacity has decreased, as projected Cyber claim paytouts for 2021 are projected to hit an all time high of $6 Trillion. ACES Alliant Cyber Excess Solutions $2M XS $2M 7/1/2022 Ironshore $154,800 80-400% $278,640-$619,200 TBD See above regarding mimimum security controls Cyber Capacity has decreased, as projected Cyber claim paytouts for 2021 are projected to hit an all time high of $6 Trillion. ACES Alliant Cyber Excess Solutions $2M XS $4M ($6M total cyber limits) 7/1/2022 Beazley-Lloyds $114,667 80-400% $206,400-$458,668 TBD See above regarding mimimum security controls. Cyber Capacity has decreased, as projected Cyber claim paytouts for 2021 are projected to hit an all time high of $6 Trillion. Excess Liability $1M SIR with $40M Excess Policy Limits 7/1/2022 1. $ 5M Safety National 2. $5M X $5M Princeton 3. $10M X $10M AWAC 4. $ 5M X $20M Hallmark 5. $10M X $25M Navigators 6. $ 5M X $35M Great- American $1,579,115 20-50% $1,894,938-$2,351,750 $1,848,771 17% incrrease over expiring. Premium came in below estimate. If liaiblity was not experiencing a hard market driven by an increase and severity of claims, projected increases would be more likely to come in level (subject to all things being equal in exposure and loss history) such that accounts then get priced (assuming a static rate environment) in accordance to their actual loss experience and development. Alliant Crime Insurance Program (ACIP) Crime 7/1/2022 National Union Fire Insurance Company (AIG) $29,237 10-20% $32,161 - $35,084 $30,761 Premium is based on employee counts. As of 12/7/21 ACIP is looking at a 10%-20% increase on loss free accounts. N/A Fiduciary Liability 7/10/2022 Hudson Insurance Company $14,354 10-25% $15,789 - $17,943 $15,298 The current basic SIR is $5K and is increasing to $25K or higher at renewal, class action SIR could also increase or be sub-limited (these have varied from $75K to up to $250K depending on the size of the client and policy limit). Actual pricing and SIR increases are dependent on the completed application, assets, participants and N/A Premises Pollution Liability 8/15/2022 Allianz Interstate Fire & Casualty Company $69,055 0.00% N/A Expires 2023 3 Year Term. Estimations are not applicable this year. N/A Special Liability Insurance Program (SLIP) Regional Public Safety Training Center 9/29/2022 Great American E&S Insurance Company $7,818 10.00% $8,600 10% Premium increase. N/A Airport Liability Airport Owners’ and Operators’ Liability 7/1/2022 ACE Property and Casualty Insurance Company (Chubb) $14,760 2.48% $10,600 $10,573 Current term is 18 months (Annual $10,343 and extension $4,417) 2022-2023 quoted premium is $10,573 2022 Three year quoted premium is $11,158 fixed annual installments. N/A Drone Liability 7/1/2022 Starr Companies $1,446 800% $13,014 $13,014 Drones are covered for Liability Only. Increase in as schedule now includes 18 drones. Note, 2 drones were written at binding of 7/1/21. New schedule includes 18 Drones ( $723 per drone) TOTAL: $3,099,666 28.18 - 67.24% $3,984,749- $5,195,394 Estimated increase for all lines.