HomeMy WebLinkAbout02/17/2021 3FAGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: 2021 Excess Liability Insurance
with Princeton Excess & Surplus Lines
Insurance Company and Allied World
Assurance Company; Excess Workers
Compensation with Midwest Employers
Casualty Company; and Cyber Insurance
with Indian Harbor Insurance Company
Study Session Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
February 10, 2021
February 17, 2021
City Attorney's Office —
Risk Management
Melisa Vaal Folmer
(360) 473-5302
SUMMARY: The Bremerton Municipal Code authorizes the Risk Management Specialist, with the
approval of the City Attorney, to bind insurance and requires City Council approval for the
continuation of any bound coverage that exceeds an annual premium of $25,000, Excess Liability,
Excess Workers' Compensation, and Cyber Insurance for 2021 have been bound as follows:
1. Excess liability insurance with Princeton Excess &Surplus Lines Insurance Company and
Allied World Assurance Company at an annual premium of $463,798 (including terrorism);
and
2. Excess workers' compensation insurance with Midwest Employers Casualty Company at an
annual premium of $89,317; and
3. Cyber insurance with Indian Harbor Insurance Company at an annual premium of $40,840.
ATTACHMENTS: No attachments.
FISCAL IMPACTS (Include Budgeted Amount): There is a significant increase in rates due to the
market this year and a midyear budget adjustment will need to be done.
Excess Liability
Excess WC
Cyber
2020 Rates
$192,257
$70,058
$201420
S
TUDY SESSION AGENDA:
Budgeted for 2021 2021 Rates
$230,708 (20% increase) $463,798
$75,312 (7.5% increase) $89,317
$21,441 (5% increase) $40,840
Limited Presentation ❑ Full Presentation
STUDY SESSION ACTION: ®Consent Agenda ❑General Business ❑Public Hearing
RECOMMENDED MOTION: Move to approve the purchase of the 2021 excess liability insurance
bound with Princeton Excess &Surplus Lines Insurance Company and Allied World Assurance
Company in the amount of $463,798; excess workers' compensation insurance with Midwest
Employers Casualty Company in the amount of $89,317; and cyber insurance with Indian Harbor
Insurance Company in the amount of $40,840.
COUNCIL ACTION: Approve ❑Deny ❑Table ❑Continue ❑ No Action
Form Updated 01/02/2018