Okaloosa County BOCC — September 15, 2015 — Request Approval to bind coverage for County Insurance Program — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: September 15, 2015 TO: Honorable Chairman and Members of the Board FROM: Laura Porter SUBJECT: Request Approval to bind coverage for County Insurance Program DEPARTMENT: Risk Management BCC DISTRICT: ALL STATEMENT OF ISSUE: Request authority to bind coverage for the County’s General Liability, Crime, Automobile, Excess Workers’ Compensation, Public Officials, Aviation Liability, and AD&D insurance and authorize staff to sign the applications and related documents as required. BACKGROUND: We continue to review the County insurance program to ensure protection of the County's assets while remaining fiscally responsible. In order to obtain competitive rates, proposals are solicited from several insurance providers. Attached is a schedule of the recommended coverage and premiums for the County’s 2015-2016 insurance program. The total estimated premium for these policies is $471,571. It is recommended that for the purposes of collision coverage under the Automobile policy that the County self-insure vehicles valued at less than $25,000 and maintain a $10,000 deductible for vehicles valued at $25,000 and above. This results in a 3.67% premium reduction or a cost savings of $22,850 to the County compared to our current coverage of all vehicles valued at $10,000 and greater. Fleet Operations was consulted about this option and agreed that based on historical data for costs associated with vehicle repairs, increasing the insured values to $25,000 in order to realize a cost savings, appears to be a viable recommendation. The cost of renewal of these policies falls within the budget appropriation for fiscal year 2015-2016. OPTIONS: Approve/Disapprove RECOMMENDATIONS: Authorize staff to bind the outlined coverage and sign the applications and related documentation. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator