SUBJECT
title
Approve the renewal of the Cyber Liability Insurance policy for the period October 1, 2026, through September 30, 2027, at a one-time premium of $132,224.
body
DESCRIPTION
The Cyber Liability Insurance policy provides coverage for the BoCC and all Constitutional Offices. The policy is currently underwritten by AIG Specialty and expires September 30, 2026. AIG has an A.M. Best rating of A XV, reflecting excellent financial strength. The expiring annual premium is $134,838.
Risk Management, Information Technology, and the IT departments of the Constitutional Offices worked with the County’s insurance broker, Brown & Brown, to market the coverage to cyber insurers worldwide. Following this comprehensive marketing effort, AIG provided the most competitive renewal quote of $132,224 with equivalent terms and conditions, representing a 1.9% decrease from the expiring premium.
RECOMMENDATION
Request Board approval for the Risk Management Director to bind coverage with AIG for Cyber Liability Insurance for the total annual premium of $132,224.
FISCAL IMPACT
Funds are budgeted and available in the Risk Management General Fund Budget.
CONTACT INFORMATION
Mark Thomas
Director, Risk Management
863-534-5265