HomeMy WebLinkAboutDocumentation_Regular_Tab 26_8/12/2025 Agenda Item #26.
Regular Council
STAFF MEMO x
Meeting: Regular Council - Aug 12 2025
Staff Contact: Merlene Reid, Director, HR & Risk Department: HR
Management
d
Consider Approval of Property & Casualty and Ancillary Insurance Renewals 2025/26
The Village's Property & Casualty (P&C) insurance line is currently underwritten with The Florida
Municipal Insurance Trust (FMIT), to include Property, General Liability, Workers' Compensation
(WC), Cyber and Auto. Each year the Village receives a 7% credit with FMIT due to active
enforcement of our Safety and Drug Free Workplace programs allocated at 2% and 5%, respectively.
Below are the changes for FY2025/26:
1. Property premium decreased 15% (4L$73,169) due to the current state of the market
2. The other lines experienced combined increases of $85,035 tied chiefly to our public safety
payroll increases, while increases in our auto coverages are in line with the overall market. It is
noteworthy that our Experience Mod factor is down 12 basis points from .92 to .80, helping to
keep our WC increases down:
a. General Liability (T14%)
b. Workers' Comp (T22%)
c. Cyber Liability (T4.7%)
d. Auto Physical Damage (T24%)
e. Auto Liability (T 17%)
FMIT 2025/26 renewals therefore returned a total increase of $11,867, representing a 1.2% increase
over the expiring year.
The Village's other four ancillary lines of coverages include our Public Safety Statutory AD&D,
Firefighter Cancer, Storage Tank Liability and Crime policies. Together, these policies premiums total
$9,053, up $598 (7%) over FY2024/25.
Appendix A outlines a total renewal cost of $970,509 for all lines of insurance, inclusive of Broker
fees, up 1.3% or a total of $12,465 over FY2024/25. An additional $10,000 is also being requested to
cover anticipated deductible payments in respect of projected liability claims, making a total approval
request of$980,509.
It is recommended that the Village renews the 2025/26 P&C and WC Insurances with FMIT, and the
four ancillary policies with the carriers outlined in Appendix A.
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.
Page 242 of 313
Agenda Item #26.
• - pi
BUDGET AMOUNT Refer to AMOUNT AVAILABLE Refer EXPENDITURE AMOUNT:
Cost Summary to above memo Refer to above memo
FUNDING SOURCES: Refer to above memo IS THIS A PIGGYBACK:
❑ Yes 0 N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes 0 N/A
COMMENTS/EXPLANATION ON SELECTIONRefer to above memo
POTENTIAL • •N / DIRECTION REQUESTED:
It is recommended that the Village renews the 2025/26 P&C and WC Insurance with FMIT, and the
four ancillary policies with the carriers outlined in Appendix A.
2025-08-12 - Teguesta - ALL LINES Renewal Evaluation UPDATED ADA
Page 243 of 313
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