SUBJECT
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Approve Aviation Insurance Policy renewal with Chubb/Westchester Fire Insurance Company, effective October 31, 2026, through October 31, 2027, for a one-time premium payment of $254,782.64.
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DESCRIPTION
The current Aviation insurance policy is underwritten by Chubb/Westchester Fire Insurance Company and expires on October 31, 2026. Chubb/Westchester Fire maintains an AM Best rating of A++ XV, indicating superior financial strength and stability.
This policy provides comprehensive liability and hull coverage for the County’s aircraft fleet consisting of 5 helicopters and 1 fixed-wing aircraft operated by the Polk County Sheriff's Office and Board of County Commissioners Mosquito Control. Coverage also includes chemical liability for mosquito abatement operations and acts of terrorism.
The current premium is $257,040.20, and the proposed renewal premium is $254,782.64, representing an approximate 1% decrease.
RECOMMENDATION
Staff recommends Board approval authorizing the Risk Management Director to bind aviation insurance coverage with Chubb/Westchester Fire Insurance Company, effective October 31, 2026, as detailed above, for a one-time total cost of $254,782.64.
FISCAL IMPACT
Funds are budgeted in the Risk Management General Fund.
CONTACT INFORMATION
Mark Thomas
Director, Risk Management
863-534-5265