SUBJECT
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Request Board approval for the Risk Manager to bind coverage effective April 1, 2025, through March 31, 2026, for its comprehensive commercial property insurance program for a total annual premium of $1,879,390
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DESCRIPTION
Polk County's comprehensive property insurance program, which covers over $1 billion in buildings owned by the Board of County Commissioners and Constitutional Offices, expires March 31, 2025. As done annually, our broker Arthur J. Gallagher & Co. marketed our program to global insurers to secure optimal coverage at the best possible price.
After years of challenging insurance market conditions, we saw improvement last year with a 2.85% rate reduction. The market has stabilized further this year, resulting in even greater savings. Our renewal quote is $1,879,390-a 22% reduction from last year's $2,404,891 premium-with no changes to coverages, limits, or deductibles.
RECOMMENDATION
Request Board approval for the Risk Manager to bind coverage effective April 1, 2025, through March 31, 2026, for its comprehensive commercial property insurance program for a total annual premium of $1,879,390.
FISCAL IMPACT
Funds are available in the Risk Management General Fund Budget.
CONTACT INFORMATION
Mark Thomas, Risk Management Director 534-5265