Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Coverage topic
No spam. Unsubscribe anytime.
Insurance presenter reviews county coverage, recommends staying with Star; highlights deductible tradeoffs
Summary
An insurance representative reviewed Henry County’s midyear loss history and coverages, reported the courthouse is insured for $7.2 million, warned that percentage wind/hail deductibles could raise exposure, and recommended evaluating deductible strategy at renewal.
An insurance presenter gave Henry County a midyear review of coverages and loss history and recommended keeping the county’s relationship with Star at the upcoming renewal while considering deductible strategy.
The presenter said the county’s package loss ratio over the last five years is about 20.91% and noted auto losses are elevated, at about 46%. The presenter told commissioners the courthouse is insured for $7,200,000 and warned that a percentage wind and hail deductible would multiply the county’s exposure: “If the company put a 1% wind and hail deductible on that, you’d have a $72,000 deductible for just this building,” the insurance presenter said.
Why it matters: the presenter explained that the county’s current policy uses a $5,000 per‑occurrence deductible (covering multiple county buildings under a single highest occurrence) and that moving to percentage deductibles would likely increase out‑of‑pocket exposure on large storms or events. The presenter advised the commission to weigh premium savings against the risk of higher retained costs before changing deductibles.
The presenter also recommended running motor vehicle records (MVRs) for county drivers to manage auto losses and discussed options for insuring election equipment and business personal property to obtain replacement-cost benefits.
Next steps: staff will review values on buildings and equipment during a facilities tour and follow up on open claims, including a power‑surge claim under investigation. The presenter offered to work with the county at renewal to evaluate deductible levels and coverage enhancements.
Quote: “Your current plan has a $5,000 deductible,” the insurance presenter said, adding that percentage deductibles could be substantially larger on high‑value buildings.
Ending: The presentation concluded with an agreement to do a facilities tour and to follow up on valuations and the pending claims investigation.
