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Board committee approves $1.78M property-insurance renewal with $50M per-occurrence limit; named‑storm sublimit raised to $12.5M
Summary
Committee recommended the board accept a property-insurance renewal placed through USI Insurance Services Inc.; the package provides $50 million limits per occurrence, $12.5 million named‑storm sublimit, and an annual premium of $1,777,995 effective April 27, 2025; committee voted to approve with no objections.
The Finance, Insurance and Section 16 Lands Committee recommended that the board accept a property-insurance renewal placed through USI Insurance Services Inc., offering $50 million limits per occurrence with a $12.5 million sublimit for named storms and a stated annual premium of $1,777,995.
Committee materials presented a motion that specified a $100,000 deductible per occurrence for all perils except named storms, where a deductible equal to 5% (subject to a $500,000 minimum) would apply; the renewal’s stated effective date in committee materials was April 27, 2025.
Committee discussion focused on adequacy of limits and how the package meets FEMA/Stafford Act guidance for disaster cost recovery. Committee members and insurance advisers said the placement balanced available market capacity and premium cost. Curtis (presenter) said the district increased named‑storm limits from $10 million to $12.5 million and raised non‑named‑storm per-occurrence limits to $50 million while achieving a roughly $200,000 premium reduction compared with the previous placement.
Ed Daigle, an insurance broker who participated in the placement, described market conditions as “soft” with more carrier capacity and said the placement kept longstanding participants such as Berkshire and a Lloyd’s underwriter while adding Zurich and Swiss Re as additional participants. Daigle and district staff credited early market work for securing both premium savings and higher limits.
The committee motion to accept the renewal was moved by Mr. Gehart and seconded by Mr. LaGarde. After questions and no public objections, the chair recorded “so moved,” indicating committee approval; no roll-call vote tally was read in committee minutes.
The committee instructed staff to finalize documents so the district could execute the renewal promptly. The placement materials named USI Insurance Services Inc. and carriers including Lloyd’s and Berkshire as major participants.
