SUBJECT:
Title
Request Approval of Employer Insurance Renewal for FY 2025 (Budget Impact - Expenditure of $3,999,963)
Body
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INITIATOR: |
DEPARTMENT: |
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Sara Caron, Director |
Human Resources |
DESCRIPTION/BACKGROUND:
The County’s Comprehensive Employer Insurance Agent, Brown & Brown (formerly known as PRIA), has generated premium renewals for the County’s Property/Casualty and miscellaneous employer insurance coverage as shown on the attached spreadsheet to be effective October 1, 2024. Brown & Brown shops the market annually to obtain the most competitive coverage and rates for Marion County.
The property insurance market has made a positive shift throughout the past year. With additional capacity entering the Florida catastrophic property marketplace, carriers are willing to take on additional risk and offer competitive rates to grow their bottom line. This has created opportunities to negotiate better terms and pricing, and as such, given us the opportunity to leverage a favorable renewal by engaging competitive markets. As a result, Marion County’s property premium is decreasing $305,557 or 10.5%.
General Liability, Public Officials Liability, Cyber Liability, Crime and Excess Workers’ Compensation rates remain stable; however, premiums increased a total of $116,898 due to a 9.5% increase in total payroll. Coverage terms, limits and retentions remain unchanged.
The Auto Physical Damage insured values increased by approximately $6.3 million including the addition of 26 high value (exceeding $100,000) Fire Rescue and Heavy vehicles for a total premium increase in the liability and physical damage policy of $31,768.
The total estimated payroll is $132 million, insured auto values at $48 million, and values for buildings, contents and mobile equipment is in excess of $559 million.
BUDGET/IMPACT:
Expenditure of $3,999,963 to be paid from the Self-Insurance fund, which has been included in the FY2025 proposed budget
RECOMMENDED ACTION:
Recommended action
Motion to approve the estimated Employer insurance renewal in the amount of $3,999,963 to be paid from the Self-Insurance Fund, and authorize Risk and Benefit Services to execute the required documents.
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