SUBJECT
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Approve Cyber Risk and Network Security Liability annual insurance policy renewal effective October 1, 2025, through September 30, 2026. (one-time payment of $134,838)
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DESCRIPTION
The Cyber Risk insurance policy, which covers the BoCC and all Constitutional Offices, is currently written with AIG/Lexington and set to expire on September 30, 2025. AIG holds an A.M. Best Rating of A XV, indicating excellent financial stability. The expiring policy carries a premium of $145,000.
The Risk Management and Information Technology Divisions, together with the IT departments of each Constitutional Office and the County’s insurance broker, Brown and Brown, marketed the coverage to a broad range of worldwide cyber insurers. Following this comprehensive effort, AIG submitted the most competitive renewal quote at $134,838 for equivalent terms and conditions. This represents a premium decrease of $10,162, or approximately 7%, compared to the expiring policy.
RECOMMENDATION
Request Board approval for the Risk Management Director to bind coverage with AIG/Lexington for Cyber Risk insurance for the total annual premium of $134,838.
FISCAL IMPACT
Funds are available in the Risk Management General Fund Budget.
CONTACT INFORMATION
Mark Thomas
Director, Risk Management
863-534-5265