7c supp
ITEM NO: ______7c_Supp_______ DATE OF MEETING: June 25, 2013 Outline Structure of Property Insurance Cost Re-Cap Coverage Details and Cost Factors Earthquake Coverage Notes Renewal Projection for July 1, 2013 2 Current Structure of Property Program (Main Limits Insured Per Occurrence Unless Noted) $750 Million Multi Peril Coverage Limit $25 Million Flood Limit (Annual) $50 Million Course of Construction Limit $350 Million Terrorism $100 Million Equipment Breakdown $100 Million Business Interruption 3 Current Structure of Property Program (Major Deductibles Per Occurrence) $1,000,000 Fire and Extended Coverage $1,000,000 Flood $50,000 Course of Construction $25,000 Fine Arts $1,000,000 Equipment Breakdown 4 $5,000,000 Property Insurance Premium versus $4,500,000 Port Insurable Values $4,000,000 Property Insurance Premium $3,500,000 Property Value x $1000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 est 5 Coverage Details Annual Policy July 1 through June 30 Fire and Extended Coverage Wind, Spills, Collapse, Impact, and Explosion Covers Equipment Breakdown Mechanical/Electrical Equipment Covers Owned, Leased, Rented Property Example Applied to leased generators Covers Business Interruption If Due to a Loss Covered by the Policy 6 Coverage Details Annual Policy July 1 through June 30 Covers Flood Excludes Land Movement/Earthquake Covers Terrorism Covers Projects Under Construction * All subject to exclusions either by peril, location, or type of property 7 Property Insurance Cost Factors Rates depend on: Total Insurable Values Reported: Appraisals Values of Projects Under Construction Loss Record Primary and Reinsurance Markets Underwriting of Locations (Port Portfolio) Cost of Major Materials Catastrophic Exposure (Wind, Earthquake, Flood ) 8 Earthquake Insurance Challenges Low limits compared to values at risk Past loss history with Nisqually in 2001 New modeling used by insurers Port has high insurable values Port has aggregation of values Insurers with aggregation of values locally Port is not having coverage quoted. 9 Property Renewal Forecast (For July 1, 2013) Port has budgeted $1.50 Million for renewal Final proposal/cost will depend on: Final adjustment of insured property values Final estimation of capital projects for 2013-2014; Changes, if any, to program structure (deductibles/coverage/limits) Negotiation with the underwriters; 10
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