HomeMy WebLinkAboutDocumentation_Regular_Tab 24_8/11/2022Agenda Item #24.
Regular Council
STAFF MEMO
Meeting: Regular Council - Aug 11 2022
Staff Contact: Merlene Reid, Director, HR & Risk Department: HR
Management
ESM I
Approve Property &Casualty Insurance Renewals 2022/23
The 2022/23 property and casualty insurance renewals returned an 11.1% increase over the expiring
year, due to the following reasons:
1. Property Insurance: This category received an increase of 13%, mainly resulting from the
addition of the Recreation Center with its current appraised value of $6,513,394. The Center
currently represents 20.6% of the insured property values, where previously it accounted for
approximately 5%.
2. Workers Compensation: Payroll estimates for FY22/23 is expected to increase by a minimum
of $407,854 (5%) over the expiring policy, in addition to a significant jump in the experience mod
rate from .93 to 1.13.
Attached is the 2022/23 evaluation numbers that propose a renewal premium of $714,359, inclusive of
brokers' fees. This represents a total increase of $71,359 over the expiring premium of $643,000, after
our Drug -Free Workplace and Safety Program Premium Credits were applied. An additional $10,000
is also being requested to cover deductible payments in respect of liability claims, making a total request
for approval of $724,359.
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.
PROJECT NAME:
Proposed:
Refer to above memo
BUDGET: Refer to above ENCUMBERED: N/A
memo
Projected Remaining:
Refer to above memo
The Village renews the 2022/23 insurance Property & Casualty Insurance with the Florida Municipal
Insurance Trust in line with the attached Property, Casualty & WC Renewal Evaluation
FMIT PC Renewal Evaluation 22-23 ADA
Page 479 of 499
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