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<br />~ <br /> <br />ADDITIONAL INFORMATION: <br /> <br />The renewal premium for the Commercial Package Poliry (property, Casualty, Auto) is $569,273.00 which is <br />$83, 118.00, or about 17%, more than last year ($486,155.00). The major reasons for the 17% increase are <br />our new City Hall and the significant increase in windstorm insurance premiums. <br /> <br />The renewal premium for Workers Compensation is $304,171.00 which is $13,000.00, or about 4.5%, less <br />than last year (317,876.00). The reasons for the reduction in premium and the lowering of our experience <br />modification from ,93 to .90 is two-fold: first, the workers compensation rates went down and, second, our <br />claims experience has been good. <br /> <br />The insurance renewal review team (comprised of members of the Finance Department and Human <br />Resources Department) worked closely with Brown & Brown (Robert Hollander) to identify the best <br />coverages and terms available to include review of various commercial insurance providers and workers <br />compensation insurance providers. Also reviewed were possible courses of action to reduce coverage <br />premiums to include increasing our deductibles in certain coverages and the feasibility of self-insurance in <br />areas that we as a City have had good claims experience. The team unanimously agreed that renewal with <br />PGIT with the coverages and terms indicated is our best, most cost effective, option. Mr. Hollander will be <br />able to explain the details of our insurance review and the information provided in the insurance renewal <br />proposal. <br /> <br />Funding is available in the 518-5450 (Insurance) account for the Commercial Package Policy and <br />funding is available in each department's 5240 (Workers Comp) account for the Workers <br />Compensation Policy. <br /> <br />Insurance Premium Summary <br /> 10/1/04- 10/1/05- 10/1/06- <br /> 05 06 07 <br />Property, Inland Marine & <br />Crime $123,420 $163,020 $237,095 <br />General Liability 29,571 48,380 30,837 <br />Law Enforcement Liability 70,845 60,000 51,000 <br />Public Official Liability/EPLI 47,000 60,733 76,100 <br />Automobile Liability 113,904 140,875 158,733 <br />Automobile Physical Damage 10,045 13,147 15,508 <br />Workers' Compensation 387,375 317,876 304,171 <br />Total Annual Premium $782,160 $804,031 $873,444 <br />