Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance And Risk Management topic
No spam. Unsubscribe anytime.
Harrison County hears insurance broker on pooled property coverage, approves bonding authority and schedule for workshop
Summary
An insurance broker briefed the Harrison County Board of Supervisors on options to broaden property coverage through a multi-entity insurance pool, proposed increasing adjuster pay, and sought limited bonding authority; the board approved proceeding and asked staff to schedule a workshop.
Harrison County received a briefing from a representative of Bordeaux Gallagher Insurance on options to broaden the county’s property coverage through a multi-county insurance pool and to adjust vendor rates.
The broker told the Board that the county owns at least one piece of equipment not previously disclosed to insurers (described as an “underwater drone”) and that the carrier is willing to pick up liability coverage without an extra premium. He said physical-damage coverage for that equipment would require specialty (marine) markets and that the county’s property market pricing is softening.
The broker described optional wind-deductible buybacks normally treated as an annual purchase and cautioned that purchasing them only for a four-month period outside of wind season would be costly (he estimated roughly $300,000 for four months if purchased separately). He recommended the county consider joining a pooled property program, saying the pool is “oversubscribed” and could reduce costs while broadening coverage. He said the pool’s structure would have each participating entity appoint a representative to the association’s board and that bylaws will be reviewed by counsel and submitted to the state insurance commissioner.
He also asked the board to approve raising the hourly rate paid to the county’s associated adjusters from $79 to $110, saying the current rate had not been increased in years and was causing the adjusters to lose money on some assignments.
The board approved a motion giving the insurance representative authority to seek bonding “not to exceed $290,000” (amount recorded in the meeting file as stated) if needed to secure marketplace options and to proceed with the recommended next steps. The board additionally directed staff to set up a roughly 30–45 minute workshop on the proposed insurance pool; the broker said he would coordinate schedules after the holidays.
Discussion and paperwork associated with any pool participation, wind deductible buybacks, or adjuster-rate changes will return to the county for final approval as required by the county’s procurement and contracting rules.
