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County insurance renewals: incumbents recommended for property, casualty; cyber limit recommended at $1 million with $100,000 retention
Summary
Staff recommended renewing property and casualty coverages with incumbents despite rate increases; the insurance committee recommended a $1 million cyber liability limit with a $100,000 retention and the purchasing committee approved the recommendations.
Rutherford County staff and its broker presented the county’s annual property, casualty and cyber insurance renewals and the purchasing committee approved the insurance committee’s recommendation to renew incumbent carriers and to set cyber liability at a $1,000,000 limit with a $100,000 retention.
Presenters told the committee the property program included a $250 million policy limit; expiring premium for property coverage was $3,161,794 and the renewal quoted $3,635,712. Staff attributed the increase in total insured values primarily to added portable classrooms and an increase in vehicle values, producing an approximate 11% exposure increase and a 3.3% rate increase on property.
Casualty lines (auto, general liability, public officials and school board legal liability) and auto physical damage renewals were reviewed; staff noted a premium decrease in casualty compared with the prior year partly because contracted school bus coverage had been removed from the county program after the carrier signaled it would no longer insure contracted buses. Committee members discussed recent state-level changes described as a “cleanup bill” related to school bus liability and said the school board had offered pay increases and a stipend to drivers; staff said the school board had not formally requested the county issue an RFP on contracted bus coverage and noted issuing a bid would take roughly 60–90 days.
On cyber liability staff reported a favorable renewal: expiring premium of $55,004.50 with a $250,000 retention and a renewal proposal at $50,450 with a $100,000 retention. Insurance committee staff recommended Homeland Resilience (Homeland) for a $1,000,000 cyber limit with a $100,000 retention. Presenters said law-enforcement excess and other excess layers would remain in place to achieve comparable total limits.
The insurance committee recommended renewing incumbents on most lines and adopting the Homeland cyber option; committee members moved and the purchasing committee approved the recommendation on a roll-call vote.
Ending: Staff will finalize renewal contracts and continue to coordinate with the school board and other stakeholders regarding any future RFP for contracted bus coverage if the school board requests it and if state guidance changes.
