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County insurance renewal comes in better than expected; commissioners weigh higher cyber limits
Summary
Risk staff reported a favorable county insurance renewal with roughly a 10% overall premium increase and proposed options to raise cyber liability from $1 million to $2 million or $5 million with projected premium impacts; commissioners planned follow-up and discussed whether to handle cyber coverage details in executive session for security reasons.
Hamilton County’s risk and legal staff reported a better-than-expected insurance renewal at the Jan. 13 meeting and presented options for increasing cyber liability limits.
Kristen Walker and Steven Rushford summarized a renewal that the county’s safety and risk team said was aided by a sharp decrease in claims: the county reported a 48% decrease in workers’ compensation claims, a 58% drop in overall number of claims and a 33% decrease in total incurred losses. Those improvements helped hold the countywide premium increase to roughly 10% overall, below market expectations for municipalities.
Staff noted the county currently carries $1 million in cyber coverage and provided premium quotes for higher limits: a $2 million limit that would raise premiums by roughly 1 percentage point (to ~11% overall) and a $5 million limit that would increase premiums to an estimated ~12.5%. Commissioners asked whether further discussion of cyber limits and related security details should occur in executive session because of security concerns; staff agreed to schedule follow-up and gather required signatures if a decision is needed before the next meeting.
The board recorded no final formal vote on selecting a new cyber limit at the meeting; instead, it adopted the renewal package and scheduled a subsequent meeting to decide the higher-limit question if necessary.
