|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - September 18, 2017|
Agenda Item #11
Purchase of Excess Workers’ Compensation and Liability Insurance
Briefing Provided Upon Request
Contact and/or Presenter Information
Mitchell O. Palmer, County Attorney x3750
Linda R. Klasing, Risk Manager x3750
Motion to approve the purchase of Excess Workers’ Compensation and Liability insurance in an amount not to exceed $484,921, plus Terrorism fees of $3,300 for a total premium of $488,221; which is the renewal option of the attached proposal from First Florida Insurance Brokers, and to approve execution by the County Attorney or his designee of all required documents.
Section 768.28, Florida Statutes
Ordinance No. 16-26
The Board of County Commissioners of Manatee County purchases excess Workers’ Compensation and Liability insurance to protect the County from catastrophic financial loss. Pursuant to Section 768.28, Florida Statutes and Chapter 440, Florida Statutes, the Risk Management Division administers the risk management fund 505 to finance the County's Property, Casualty and Workers’ Compensation programs. The Property insurance program is renewed each year on June 1st and is not included in this agenda item.
To ensure sufficient coverage limits, the County purchases excess coverage, necessary to protect against large losses; to provide higher limits required by contracts; or to cover a claims bill pursuant to Section 768.28, Florida Statutes. The current program expires on October 1, 2017, and contains the following provisions: The liability total loss limit per expiring program is $2 million per occurrence and $4 million aggregate, with a $500,000 self-insured retention. The public officials, or employment practices, limit per the expiring program is $1 million per occurrence and $2 million aggregate, with a $500,000 self-insured retention. The workers’ compensation portion of the expiring program has a $750,000 self-insured retention. The County self-administers the auto and general liability claims, and Commercial Risk Management administers workers compensation claims.
The Risk Management Division recommends a motion to approve the purchase of excess Workers’ Compensation and Liability insurance in an amount of $484,921, plus Terrorism Fees of $3,300 for a total premium in the amount of $488,221, inclusive of a two-year rate guarantee for the Workers’ Compensation program; which is per the renewal option of the attached proposal from First Florida Insurance Brokers and to approve execution by the County Attorney or his designee of all required documents.
All coverage's are subject to the terms, conditions, endorsements, and exclusions of the policy. Limits and self-insured retentions as proposed are in line with those in place for like sized counties in the State of Florida.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
This is a County Attorney item.
Instructions to Board Records
Please return a stamped copy of this Agenda Memorandum certifying its approval by the Board of County Commissioners to Linda Klasing, Risk Manager, at email@example.com.
Cost and Funds Source Account Number and Name
$488,221.00 - Fund 5050001500 Risk Management General Liability
Amount and Frequency of Recurring Costs
$488,221.00 - One Time Payment
Attachment: MCBOCC 17-18 Excess WC-Liability Proposal revised 08.14.17.pdf