Des Moines County approves ICAP renewal, increases cyber limit and considers property deductible option
Loading...
Summary
The board approved the county's ICAP insurance renewal and accepted staff recommendations to boost cyber coverage to $1 million while discussing property deductible options intended to reduce contribution costs.
The Des Moines County Board of Supervisors voted June 24 to accept the county's insurance renewal proposal with ICAP and adopted two recommended provisions: increase the county's cyber insurance aggregate to $1 million and consider a consolidated property deductible option intended to reduce contribution costs.
An insurance adviser for the county told the board the as-is renewal reflected an 8.5% year-over-year increase but that market conditions had improved from the prior year. The presenter said increasing the cyber aggregate to $1 million would raise sublimits for common loss items (for example, cybercrime and social-engineering losses) and recommended the county adopt the larger cyber limit because "these cyber events are becoming very, very expensive."
The adviser also presented a property-deductible option that would replace various lower deductibles across county buildings with a $20,000 "all other" per-occurrence deductible. The presenter noted the county currently has a 2% wind-and-hail deductible that is capped at $300,000 for any single event; the courthouse was cited as having a replacement-value estimate of about $20 million and a 2% event would equal approximately $400,000 without the $300,000 cap.
Board discussion included vehicle-deductible limits and the frequency of structure revaluations. The adviser said building values are typically reappraised every 5 to 10 years and that ICAP had updated values previously when market conditions warranted. The adviser also reported the county saved roughly $2,500 because an agency fee was removed at renewal.
Supervisor Jim Carey moved to accept the renewal with the two provisions highlighted in the adviser's recommendations (increase cyber limit and the property-deductible option). The motion passed on a unanimous roll call.
After the vote county staff said the insurer will issue a revised invoice for the county to sign. The board did not make changes to vehicle deductibles at the meeting, noting staff would follow up if further adjustments were needed.
The board's decision authorizes staff to finalize the ICAP renewal consistent with the accepted options and to present final paperwork for signature.
