SUBJECT
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Approve Public Entity General Liability insurance effective October 1, 2024, through September 30, 2025. ($552,800 annual expense)
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DESCRIPTION
The Public Entity General Liability Insurance policy is currently written with Ambridge/Brit, a Lloyds of London syndicate and expires on September 30, 2024. This policy covers General Liability, Employee Benefits Liability, Law Enforcement Liability, Automobile Liability, Employment Practices Liability among others, and extends to the BoCC and all Constitutional Offices. Expiring annual premiums were $507,288.
County insurance broker, Brown and Brown of Florida, Inc., has marketed our insurance coverage to various liability insurers with Ambridge/Brit, a Lloyds of London syndicate, again providing the most favorable premium pricing. The most favorable renewal quote is $552,800. It should be noted that the insurance premiums are variable every year based on several factors including the state of the insurance market, number of employees, County budget, number of vehicles, number of law enforcement officers, etc.
RECOMMENDATION
Request Board approval for the Risk Management Director to bind coverage with Ambridge/Brit, a Lloyds of London syndicate for Public Entity General Liability insurance for the total annual amount of $552,800.
FISCAL IMPACT
Funds are available in the Risk Management General Fund Budget.
CONTACT INFORMATION
Mark Thomas
Director, Risk Management
863-534-5265