SUBJECT:
Title
Request Approval of Employer Insurance Renewal for FY 2026-27 (Budget Impact - Neutral; expenditure of $3,929,341)
Body
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INITIATOR: |
DEPARTMENT: |
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Parker Redman, Risk Manager |
Human Resources - Risk Management |
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 for FY 2026-27. 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. A decreased Hurricane Deductible from 5% to 3% could equate to significant savings in the event a named storm does damage to our property. Also, the aggregate deductible for property and inland marine coverage dropped more than $100K.
General Liability, Public Officials Liability, Cyber Liability, Crime and Excess Workers’ Compensation rates remain stable. Coverage terms, limits and retentions remain relatively unchanged.
The Auto Liability premiums remain the same, but through negotiation, we were able to increase our valuation coverage amount to stated value for all vehicles valued at over $100K, which would increase our recovery amount substantially in the event of a total loss for our high-value vehicles.
The total estimated payroll is $134 million, insured auto values at $50 million, and values for buildings, contents and mobile equipment is in excess of $683 million.
Overall, there is a slight decrease in premiums, and the premium amount is below what is budgeted for in the current fiscal year.
BUDGET/IMPACT:
Neutral; expenditure of $3,929,341 to be paid from the Self-Insurance fund, which has been included in the proposed FY 2026-27 budget.
RECOMMENDED ACTION:
Recommended action
Motion to approve the estimated Employer insurance renewal in the amount of $3,929,341 to be paid from the Self-Insurance Fund and authorize Risk and Benefit Services to execute the required documents.
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