HomeMy WebLinkAboutDocumentation_Regular_Tab 17_8/12/2021Agenda Item #17.
Regular Council
STAFF MEMO
Meeting: Regular Council - Aug 12 2021
Staff Contact: Merlene Reid, Director, HR & Risk Department: HR
Management
Approval of Property and Casualty Insurance FY 2021/22 Renewals
The 2021/22 property and casualty insurance renewals returned a 9.29% increase over the expiring
year, due to the following reasons:
1. Property Insurance: This category received an increase of 12.8%, mainly resulting from
increased premiums in property insurance, a continuation of the hardening of the property
insurance market which commenced in 2020.
2. Workers Compensation: Payroll estimates for FY21/22 increased by $491,000 (8.5%) over the
expiring policy. This change is due to projected pay increases, anticipated promotions, the
addition of 2 new positions and a small uptick in the experience mod rate from .91 to .93.
3. General Liability: While this category saw a 7.4% increase, it decreased from the previous
year's 12%. Across the industry, the primary drivers of significant premium increases remains
uncertainties from COVID-19 proceedings and law enforcement liability, which continues to trend
upwards across agencies.
Attached is the 2021/22 evaluation numbers that propose a renewal premium of $631,457, inclusive of
brokers' fees. This represents a total increase of $53,694 over the expiring premium of $577,763 and
includes our Drug -Free Workplace and Safety Program Premium Credits. An additional $10,000 is also
being requested to cover deductible payments in respect of liability claims, making a total request for
approval of $641,457.
This document and any attachments may be reproduced upon request in an alternative format by completing
our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-768-0443.
HR recommends that the Village renews the 2021/22 insurance Property & Casualty Insurance with
the Florida Municipal Insurance Trust.
080321 - Teguesta - (FMIT Only) Renewal Evaluation 21-22
Page 207 of 475
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