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HomeMy WebLinkAboutItem 5 PPP 03112020 Admin Committee- Insurance OverviewOverview of Property –Liability Insurance Wally Ritchie, Controller Administration Committee March 11, 2020 Excess General Liability Coverage for damages to third parties Includes: ▫General Liability ▫Automobile Liability ▫Public Entity Errors and Omissions −Professional Liability −Directors and Officers Liability −Employment Practices Liability All coverage provided on an “Occurrence” Basis Excess General Liability –Limits and Retentions Policy Limits –Per Occurrence/Annual Aggregate ▫General:$ 40MM/$40MM ▫Automobile:$ 40MM/$40MM ▫E&O/D&O/EPL: $ 40MM/$40MM Policy Retentions ▫General:$ 500,000 ▫Auto:$ 500,000 ▫E&O/D&O/EPL: $ 500,000 Excess Workers’ Compensation Coverage for injuries to employees while in the course and scope of employment ▫Limits Statutory ▫Retention $ 1,000,000 ▫Payroll $69,779,430 Property Insurance -Overview Total Insurable Value:$2,135,970,500 Policy Limit:$1,000,000,000 Key Sublimits ▫Boiler & Machinery:$ 100,000,000 ▫Business Interruption:$ 100,000,000 ▫Flood Zones A&V:$ 150,000,000▫Flood All Other Zones:$ 300,000,000▫Course of Construction:$ 50,000,000▫Terrorism $ 500,000,000 Deductible:$ 500,000 Earthquake Overview Current Coverage ▫Coverage for key buildings located at both Plants 1 and 2 ▫Coverage up to $25,000,000 ▫Deductible 5% / $5MM Minimum Premiums Excess General Liability:$ 515,371 Excess Workers’ Compensation:$ 217,762 Property Insurance:$ 814,645 Earthquake:$ 86,585 Marine Vessel:$ 28,501 Total Premium:$1,662,864 Questions?