HomeMy WebLinkAboutDocumentation_Regular_Tab 17_9/12/2024 Agenda Item #17.
Regular Council
STAFF MEMO x
Meeting: Regular Council - Sep 12 2024
Staff Contact: Merlene Reid, Director, HR & Risk Department: HR
Management
Consider Approval of Property & Casualty and Ancillary Insurance Renewals 2024/25
The Village's Property & Casualty (P&C) insurance line is currently underwritten with The Florida
Municipal Insurance Trust (FMIT), to include Property, General Liability, Auto and Workers'
Compensation (WC). Market conditions in February 2024 suggested a standard increase of 13.1%
and a decision was made to shop the market.
In July 2024, FMIT presented a 7.15% increase and in August 2024, Preferred Governmental
Insurance Trust (PGIT) proposed a 4.24% decrease of $42,433 to gain our business. FMIT countered
with a decrease of 5.04% or $50,445 in order to retain our business by making significant reductions
to our General Liability and WC lines. The resulting premium is $949,458, down from $999,903 in
FY23/24.
The Village's other ancillary lines of coverages include a mandatory State Statutory AD&D for our
Public Safety employees, a Cancer policy to meet the requirements of the Firefighter Cancer Bill, a
Crime policy, and our Storage Tank Liability policy. Together, these 4 policies total $8,455, down $26
from FY23/24.
Appendix A outlines a total renewal cost of $957,913 for all lines of insurance, inclusive of Broker
fees, down 5.01% or a total of $50,471 from FY23/24. An additional $10,000 is also being requested
to cover anticipated deductible payments in respect of potential liability claims, a total request for
approval of$967,913.
Finally, we are pleased to advise that the Village continues to maintain its 7% credit, due to HR's
active enforcement of our Safety program (2%) and Drug Free Workplace policy (5%).
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.
BUDGET • - •
BUDGET AMOUNT Refer to AMOUNT AVAILABLE Refer EXPENDITURE AMOUNT: N/A
Cost Summary to above memo
FUNDING SOURCES: Refer to above memo IS THIS A PIGGYBACK:
Page 449 of 660
Agenda Item #17.
❑ Yes M N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes ❑x N/A
COMMENTS/EXPLANATION ON SELECTIONRefer to above memo
It is recommended that the Village renews the 2024/25 Property, Casualty and Workers
Compensation Insurance with FMIT, and the 4 ancillary policies be approved for the carriers outlined
in the Renewal Evaluation schedule (Appendix A).
ATTACHMENT ' 'I
2024-08-21 - Teguesta - ALL LINES Renewal Evaluation 24-25.ada
Page 450 of 660
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