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Insurance presenter: county faces higher liability pressure despite improved property valuations
Summary
A Mako representative briefed the board on the county’s property and casualty renewal, citing updated appraisals (building and contents TIV $9,368,000) and pool-wide liability pressure; options discussed included stated-value insurance, deductible choices and newly included coverages for zoning, ethics and floodplain with $10,000 deductible.
A representative from the county’s pool (Mako/PCT) presented the county’s property and casualty renewal and risk-management offerings. She explained that updated appraisals increased insured values (the presenter cited a building-and-contents total-insured value of $9,368,000), which helped explain some premium movement. The presenter said that while property-rate components softened in the commercial market, liability rates have hardened and remain the primary cost driver this year.
The presenter outlined options including stated-value coverage to reduce replacement-value exposure and phased increases in replacement value for specific buildings; she also said the pool’s actuary recommended including previously endorsed lines (zoning, ethics and floodplain) with a $10,000 deductible because improved reserves make that feasible. "Last year we paid just under a million dollars. This year, we're paying just over," the presenter said in summary of pooled claims experience, and she explained how open claims and reserved amounts affect member loss ratios and future contributions.
Commissioners discussed deductibles, historic-value options, builder’s-risk and fidelity/employee-crime coverage; staff were asked to finalize vehicle and equipment values before binding. The presenter offered follow-up materials and said binding is scheduled ahead of the July 1 policy effective date.
