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Supervisors debate flood sublimits and workers' compensation costs as insurance bill rises
Summary
County staff described increases in excess-flood insurance valuations and recommended evaluating flood sublimits; supervisors and staff also discussed workers' compensation premiums and the county's plan to go to market for coverage while considering claims-management strategies.
County staff told supervisors the valuation used to compute an excess-flood policy rose significantly, driving a higher premium this year for the county and similarly situated entities.
"The valuation went up 56 percent," the presenter said, noting the county paid about $2,333 last year and is now seeing charges of $3,577 for a particular policy line. He said the county maintains a flood sublimit of $50 million for the coast and is pursuing confirmation from FEMA that using that sublimit will allow the county to reduce or retire some excess-flood policies when FEMA requirements are satisfied.
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