Agenda Item: 8(c)
Prepared By: Stephen DiSantis
Business: City Council Item
Department: Executive
Subject:
Title
Renew 5% Decrease ($74,572.00) of expiring policy premium ($1,639,479) October 1, 2026 Insurance Policies in the Amount of $1,564,907.00 for Property, Casualty, Excess Workers’ Compensation, Crime + budgeted estimates ($11,372 + $9,391 + $11,775 = $32,538.00) for Pollution, Accident, and Firefighter Cancer Benefit Coverage (“Property & Casualty”). - StephenDiSantis, Purchasing & Risk Manager
Body
BACKGROUND:
This year, City staff engaged in a negotiated renewal for Property, Casualty, and Excess Workers’ Compensation insurance coverage. The resulting policy premium for FY 26 is $1,564,907. This is a 5% decrease ($74,572) over the expiring policy premium of $1,639,479. Further, this is a decrease of 8%, or $130,433, on what was budgeted for FY 26 Property & Casualty insurance premiums. The City continues to have a 5% named storm deductible and improved automobile physical damage coverage (self-insured exposure on vehicles under $100k to full auto physical
damage).
Overall, there has been a .05% increase to insured property values, a 12% increase to payroll, and a 25% increase to insured automobile values. The City’s property coverage renewed at a reduced rate, resulting in a 10% decrease compared to the expiring premium. All other lines are between 10% and -6%, excepting automobile liability and physical damage, which is up 32% due to accumulated claims experience, increased exposure, and overall market conditions in Florida. Overall, the City’s October 1, 2026 Property & Casualty renewal has decreased 5% compared to expiring, against a budget projection increase of 3%. Note: Historically, Pollution, Accident, and Firefighter Cancer Benefit coverage have not fluctuated much, the budgeted estimates ($11,372 + $9,391 + $11,775 = $32,538.00) are included in the attached as well. A total of $1,597,445.00.
FUNDING SOURCE / FISCAL IMPACT: Fund...
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