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Committee reviews insurance quotes, sends renewals to risk management and schedules May 6 special call
Summary
Risk management and insurance staff presented multiple insurance quotes and recommended further review. The committee moved the package to the risk management committee for detailed review and scheduled a special call meeting on May 6 at 4:00 p.m. to finalize recommendations for budget submission.
County risk-management staff presented a suite of insurance quotes covering property, commercial package, auto physical damage, law enforcement liability, excess liability, crime insurance, cyber liability and several ancillary policies. Premiums across carriers were read into the record and staff recommended review by the insurance/risk-management committee before final approval and routing to budget.
Staff said the building and contents totals the county insures include approximately 405 buildings and vehicle schedules; premiums read included travelers for building/personal property and other carriers such as Hanover, Greenwich and Kinsale for other lines. Two cyber quotes were discussed: a Homeland option at a $2,000,000 limit with $100,000 retention and a AIG quote for $5,000,000 at a $100,000 retention. Staff noted timing constraints for budget inclusion and that the matter will move to the insurance committee for review and a follow-up to the budget committee on May 8.
The committee voted to take the insurance package under advisement and referred it to the risk management/insurance committee for detailed review. The body also scheduled a special call meeting on Tuesday, May 6 at 4:00 p.m. to review insurance recommendations in advance of the May 8 budget submission deadline.
