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DEPARTMENT: Human Resources
SUBMITTED BY: Latrinda Jones, Human Resources Director
PRESENTED BY: Latrinda Jones, Human Resources Director
TITLE & DESCRIPTION:
title
Property & Casualty Insurance Agreement Amendment #1 and Policy Renewal for fiscal year 2026/2027.
body
REQUESTED MOTION:
To approve the Property & Casualty Insurance Agreement Amendment #1 and the Policy Renewal for fiscal year 2026/2027 as presented.
SUMMARY:
This Amendment Agreement establishes the term lengths for the Property and Casualty Agreement with Brown & Brown Risk Management Associates and renews and extends it for one year, utilizing the first of four 1-year renewal terms. In addition, this request is for the Board to approve the renewal of all lines of coverage with Brown & Brown and Preferred Government Insurance Trust for Property and Casualty Insurance. The 2026-2027 insurance renewal is a result of a 2-Year Rate Guarantee that was secured through the competitive RFP process during the 2025 renewal. As rates were locked in, premium changes are simply updated via the changes to the exposures, including property, auto, equipment, payroll values and Workers Compensation Experience Modification Factor. The renewal also includes Firefighter Cancer and Death Benefits coverage through Florida United Badges Insurance Services.
BACKGROUND:
Workers Compensation Experience Modification Factor increased from 1.50 to 1.76 which adversely affected the premium. A full appraisal was completed and implemented for the 2026 policy term. It resulted in a 15% increase to the current Total Insured Value for all property assets owned and insured by the County. However, PGIT agreed to waive the mid-term additional premium of $68,446 that was due to implement the appraisal, providing budget stability and much improved coverage. The last formal appraisal was in 2021.
FUNDS:
Budget Amount:...
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