Loading...
HomeMy WebLinkAboutItem 7 Late Comm 06-10-2020 Admin Comm - Insurance Renewals1 ORANGE COUNTY SANITATION DISTRICT Memorandum June 10, 2020 TO: Administration Committee Orange County Sanitation District FROM: Kelly A. Lore Clerk of the Board RE: LATE COMMUNICATION The Clerk of the Board received communication after the publication of the agenda regarding the proposed dollar amounts in Item No. 7 presented to the OCSD Administration Committee (corrections/additions in red): 7. 2020-21 PROPERTY - LIABILITY INSURANCE RENEWALS 2020-1091 RECOMMENDATION: Recommend to the Board of Directors to: Approve the Orange County Sanitation District FY 2020-21 Property-Liability Insurance Renewals for the not-to-exceed amounts specified below: Property and Boiler & Machinery - Not to Exceed $ 1,167,866 $ 1,151,935 Excess General Liability Insurance - Not to Exceed $ 584,718 745,336 Excess Workers’ Compensation Insurance - Not to Exceed $ 207,000 Earthquake Insurance - Not to Exceed $ 93,079 100,000 TOTAL $ 2,052,663 $ 2,204,271 Originator: Lorenzo Tyner Program 2019-20 2020-21 Change Percent Chg Excess Workers’ Compensation Insurance $ 217,762 $ 207,000 $ (10,762)- 5% Earthquake Insurance $ 86,585 $ 100,000 $ 13,415 15% Property and Boiler & Machinery $ 805,344 $1,151,935 $346,591 43% Excess General Liability Insurance $ 515,371 $ 745,336 $229,965 45% TOTAL $1,625,062 $2,204,271 $579,209 36% PROPERTY AND LIABILITY INSURANCE RENEWAL - SUMMARY Option 1 Option 2 Option 3 Option 4 Option 5 Expiring Policy Expiring Policy Property/Boiler/Machinery $1 BILLION $500 MILLION $500 MILLION $500 MILLION $500 MILLION $500 MILLION Flood - Zones A&V $150 MILLION $150 MILLION $ 25 MILLION $ 25 MILLION $10 MILLION $10 MILLION Flood - All Other Zones $300 MILLION $300 MILLION $100 MILLION $100 MILLION $50 MILLION $50 MILLION Retention (Deductible)$500 THOUSAND $500 THOUSAND $500 THOUSAND $1 MILLION $500 THOUSAND $1 MILLION Premium Estimates $805,344 $3,853,410 $1,151,935 1,134,292 $1,005,671 $994,292 PROPERTY INSURANCE RENEWAL OPTIONS Expiring Option 1 Option 2 Option 3 Option 4 CSRMA PRISM Limit $40,000,000 $40,000,000 $40,000,000 $40,000,000 $40,000,000 $25,000,000 $25,000,000 Self-Insured Retention (Deductible)$500,000 $250,000 $500,000 $750,000 $1,000,000 $500,000 $500,000 Layers $10MM - Great American National $337,271 $621,782 $452,870 $342,237 $282,004 Included Included $20MM - Berkley Custom $141,400 $264,620 $264,620 $264,620 $264,620 Included Included $5MM - Arch Part of Berkley $20MM N/A $ 53,174 $ 53,174 $ 53,174 $ 53,174 $10MM - Great American Custom $ 36,700 $ 85,305 $ 85,305 $ 85,305 $ 85,305 Included Included Estimated Total Cost $ 515,371 $1,024,881 $ 855,969 $745,336 $ 685,103 $1,356,804 $1,683,589 2019 2020 Estimates EXCESS GENERAL LIABILITY INSURANCE RENEWAL OPTIONS