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HomeMy WebLinkAboutSS4 - Insurance RenewalsMARCH 1. 2008 RENEWAL OVERVIEW 1. BROWN & BROWN OVERVIEW A. Over Sixty Eight Years of Continuous Service. B. Over 18 Years Serving the City of Newport Beach. C. Sixth Largest Independent Brokerage in the U.S. D. 160 Profit Centers in Thirty-Five States. H. MARKETING PROCESS A. November Start to Accumulate Updated Statistical underwriting Information. B. December.Start Submission Process to Markets. C. Bi- Monthly Review of Market Status with City's Staff. D. Week of February 11th Final Carrier Negotiations. 111. ANTICAPATED 2008 RENEWAL A. Excess Public Liability: 1. Originally expected 15% reduction. 2. New Indications of 20+ % reductions. B. Excess Workers Compensation: 1. Expect 10 -15% Decrease in Rate. C. Property: 1. Master Property policy excluding piers and with out coverage for earthquake and flood: Expect final premium to be a 10% decrease in rate. 2. DIC - Earthquake and Flood including all coverage's on the piers: a. 40% Decrease in Rate b. 30% Increase in TIV c. 25% Reduction in premium D. Pollution: 1. 23% reduction in premium. E. All other Coverage's are expected to be flat to 4 -5% decreases: 1. Watercraft 2. Fiduciary Liability 3. Crime IV. SUMMARY V. QUESTIONS .r" CITY OF NEWPORT BEACH Two Year Premium Comparison 1Westchester Surplus Lines - 3rd Excess Liability 25M x 25M N/A N/A Y $8,281.25 N/A 113,281.25 TAXES /FEES /CIGA TOTALS t POLICY PREMIUM TAXES /FEES /CIGA TOTALS PREMIUM Philadelphia - Property (Excluding Piers) Pack - Primary DIC 2.5m (2007)/ Pacific 5m 2008 Mt. Hawley - DIC 2.5m x 2.5m(2007)Ancluded with Pacific 2008 $84,893.00 151,210.00 111,000.00 N/A 4,725.31 Taxes & Fees 3,623.44 Taxes & Fees $84,893.00 155 935.31 114,623.44 $79,036.00 171,000.00 Included above N/A 5,343.75 Texas & Fees $79,036.00 176,343.75 Included above Westchester - DIC 10m x 5m 100, 000.00 3,125.00 Taxes & Fees 103,125.00 80,000.00 2,500.00 Taxes & Fees 82,500.00 Empire - DIC 20m x 15m 63,000.00 2,123.44 Taxes & Fees 65,123.44 61,200.00 2,067.19 Taxes & Fees 63,287.19 Axis - Piers Property 200,000.00 6,250.00 Taxes & Fees 206,250.00 1 175,000.00 5,468.75 Taxes & Fees 180,468.75 Fireman's Fund - Watercraft 18,121.00 N/A 18 121.00 26,456.00 N/A 26,456.00 Navigators - Excess Watercraft 14,000.00 N/A 14,000.00 14,000.00 N/A 14 000.00 Fidelity & Deposit - Crime 3877300 NIA 38,773.00 30 450.00 N/A 30,450.00 RLI - Fiduciary Liability 26,714.00 N/A 26,714.00 24,710.00 N/A 24,710.00 National Union - Excess Workers' Com . 377,730.00 0.00 CIGA 377,730.00 326.121.00 0.00 CIGA 326,121.00 2005/2008) Greenwich Ins. Co. - Pollution 267,424.00 0.00 CIGA N/A 267,424.00 2-0-6-1-59-4-0--0 0.00 CIGA N/A 206,594.00 The Ins. Co. of the State of PA - Excess Liability $10M x $500K 378 952.00 378,952.00 326,767.00 326,767.00 Lexington 2007)lAxis (200B) - 2nd Excess Liability 15M x 10M 270,000.00 8,437.50 Taxes & Fees 278,437.50 163,350.00 5,104.69 Taxes & Fees 168,454.69 Total I I 1 $2,130,101.69 $1,705,168.38 1Westchester Surplus Lines - 3rd Excess Liability 25M x 25M N/A N/A N/A 105,000.00 $8,281.25 N/A 113,281.25 Total Including 3rd Excess Liability Policy $2,130,101.89 $1,818,449.83 mr]W902mw C* of NewpM Bch Mmm COWIK (OM CITY OF NEWPORT BEACH Property Insurance Program Two Year Premium Comparison POLICY PREMIUM TAXES /FEES /CIGA TOTALS PREMIUM TAXES /FEES /CIGA TOTALS Philadelphia - Property (Excluding Piers $8489300 NIA $84,893.00 $79,036.00 N/A $79,036.00 Pacific - Primary DIG 2.5m (2007)/ Pacific 5m 2008 151,210.00 4,725.31 Taxes & Fees 155,935.31 171,000.00 5,343.75 Taxes & Fees 176 343.75 Mt. Hawley - DIG 2.5m x 2.5m(2007) /Included with Pacific 2008 111,000.00 3,623.44 Taxes & Fees 114,623.44 Included 1 above Included above Westchester - DIG, 10m x 5m 100,000.00 3,125.00 Taxes & Fees 103,125.00 80,000.00 2,500.00 Taxes & Fees 82,500. Em ire - DIG 20m x 15m 63,000. 2,123.44 Taxes & Fees 65,123.44 61,200.00 2,067. 19 Taxes & Fees 63,267.19 Axis - Piers Property 200 000.00 6,250.00 Taxes & Fees 206 250.00 175,000.00 5,468.75 Taxes & Fees 180,468.75 Fireman's Fund - Watercraft 18 121.00 N/A I 18,121.00 26,456.00 N/A 26,456.00 Navigators - Excess Watercraft 14 000.00 N/A 14 000.00 14,000.00 NIA 14 000.00 Fidelity & Deposit - Crime 38,773.00 N/A 38,773.00 30,450.00 N/A 30,450.00 Total $800,844.191 1 $662,621.69