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County reports $2.2 million premium savings, boosts wind and cyber coverage limits
Summary
County risk management reported nearly $2.2 million in premium savings for the April renewals, increased wind and utilities limits and secured multi‑year guarantees on workers’ compensation excess coverage; commissioners approved the renewal package unanimously.
Scott Martin, Palm Beach County’s director of risk management, told the board that work with insurance broker Brown & Brown and direct meetings with multiple underwriters produced a favorable April renewal package. Martin said the county saved roughly $2.2 million in premiums compared with the expiring program, increased wind limits on the municipal program and utilities program, and negotiated a two‑year rate guarantee for excess workers’ compensation coverage.
Martin said the county’s total insured value increased from about $3.1 billion to $3.2 billion while the probable maximum loss modeling supported current wind purchase levels. He also reported a 10 percent premium decrease on the casualty side and a 10 percent decrease on cyber liability premiums. Board members praised risk management and the broker for negotiating increased limits while lowering costs.
Vice Mayor Marcy Woodward moved to approve the renewal and coverage adjustments; the motion was seconded and carried by voice vote, recorded as 6–0.
Next steps: Staff will finalize the renewal paperwork and implement the updated coverages and rate guarantees as negotiated.
