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County insurance broker recommends higher cyber and excess limits; board hears options and loss-ratio trends
Summary
County insurance representatives presented the annual renewal: proposed cyber coverage uplift to $1 million (with optional higher limits), excess liability considerations amid rising verdicts, and deductible options; staff and ICAP urged attention to rising loss ratios and legal trends.
Osceola County heard its annual insurance renewal briefing from its agent and ICAP representatives, who urged the board to consider higher cyber limits and to review excess-liability and property-deductible options amid rising claim costs nationally.
Presenters explained the county's property and liability renewal, noted a requested uplift in cyber coverage from $250,000 to $1,000,000 (with optional quotes for higher limits), and described the market trend of rising liability awards (so-called "nuclear verdicts") and social…
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