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Commission approves higher property-insurance limits, keeps self-insurance option under discussion
Summary
After debate on options to change the county’s commercial property insurance limits and structure, the board approved an increase in coverage and approved staff’s recommended funding approach, with commissioners also passing an alternate motion to keep a self-insurance component and to set aside reserves.
Okaloosa County commissioners debated options to renew the county’s commercial property-insurance program and unanimously approved an increase in coverage limits and protections while directing staff to continue setting funds aside for a property reserve.
Risk-management staff told the board the commercial market has softened and proposed two options (staff recommended option 3 to raise the county’s coverage limit to $35 million under a fully insured program; option 4 would increase limits while retaining a self-insurance quota share). Staff noted the county currently carries a $25 million limit and that FEMA modeling supports lower thresholds for reimbursement. The staff recommendation cited a lower estimated premium for a $35 million limit this year than in prior years.
Commissioners debated whether to retain a self-insured quota share; Commissioner Goodwin said he favored option 4 to preserve some self-insurance. The board first voted to approve option 3 (motion passed unanimously). Afterward, a separate motion to approve option 4 was made, seconded and also passed unanimously; commissioners said they would continue to deposit funds in a property reserve and recommended an allocation in the coming budget cycle. Staff reported the county has roughly $800,000 already in the property reserve and discussed a recommended designated allocation of $300,000 in the staff report.
Ending: The board approved increasing property-insurance limits with direction to maintain or increase reserve funding; staff and brokers will proceed with the renewed insurance program and report back on final contracts and the reserve plan.
