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Clermont County moves forward with insurance renewal as premiums rise; county accepts program renewal at $1.243M
Summary
Following a presentation on market pressures, the board accepted an insurance renewal proposal with an annual premium of $1,243,228, with staff to provide policy certificates and bonding letters as needed.
Arthur J. Gallagher’s county renewal proposal and a market overview were presented to the board Dec. 11, and commissioners voted to accept the recommended insurance program renewal for the period Dec. 31, 2024–Dec. 31, 2025 at an annual premium of $1,243,228.
Kevin Fink reviewed underwriting-market conditions, telling the board that hard costs were up about 9% year over year but noting the county’s effective rate increase was closer to 5% when adjusted for the county’s asset growth and exposures. He highlighted rising deductibles for wind, hail and water damage and said cyber coverage limits improved while the market remains constrained.
Fink advised the board that the county’s carriers carried strong AM Best ratings and that staff had marketed property and cyber coverages; he said reinsurance market changes and increased catastrophe losses had pushed some costs onto policy buyers. He also said he would prepare certificate-of-insurance letters for newly elected officials and confirmed the board’s prior resolution covering employee-dishonesty bonds satisfied bonding requirements.
The Board accepted the renewal proposal as read and authorized the board president or county administrator to execute related documents. The roll-call vote was unanimous.
