7d supp
Item No.: 7d_Supp Meeting Date: September 12, 2011 Outline of Presentation Review of Liability Insurance Coverage Insurance Premium Factors Premium Re-Cap Renewal Coverage Process Expiring Premium 2010-2011 Renewal Issues 2011-2012 2 Liability Insurance Coverage Coverage Description of Exposure Covered Law Enforcement Police operations Public Officials Wrongful acts of Port employees Employment Wrongful acts of Port with respect to employees Practices Non-Aviation Non-aviation operations Aviation Airport operations only Auto Automobile liability (Above what is self insured) 3 Liability Insurance Coverage Coverage Description of Exposure Covered Fiduciary Liability of managing employee benefit plans Foreign Port employees who are in foreign countries Crime Dishonest acts of Port employees Vessel Police boat and other owned vessels Bonds Self-insured pension bonds, notary bonds, custom bonds, etc.. Excess Workers Do not purchase at this time, getting quote. Compensation 4 Insurance Premium Factors Total operating-capital budget/payrollof Port Past losses and claims and audit reports/findings Strength of our indemnity agreements with tenants Indemnity/transfer in construction contracts Operations directly controlled by Port versus tenant controlled operations 5 Insurance Premium Factors Size of automobile fleet and how utilized Interlocal agreements Number of employees and location concentration Airport enplanements, Seaport TEUs, Rail link Insurance markets External events Amount of Port's deductible Special coverage requests 6 Liability Premium Re-Cap 7 Renewal Coverage Process Coverage will run 10/1/2011 to 9/30/2012 Risk management department networks with other port and airport entities to check current limits, deductibles, and coverage offered in the marketplace. Update of operations, and current claims and litigation. Port submits renewal information to the Port's broker, who markets the account and solicits insurance bids and coverage on the Port's behalf. Risk management reviews insurance proposals and discusses issues/costs with Division management prior to binding coverage. 8 Expiring Premium: 2010-2011 Coverage Line Limits Deductible Expiring Premium 10/1/2010-9/30/2011 Non-Aviation $50 Million $1,000,000 $407,000 Airport $300 Million $50,000 $222,000 Police $10 Million $1,000,000 Included in Non-Aviation Auto Self Insured First Million Self-Insured No Premium Self insured 2010 Claims ~ $13,000 Public Officials and $10 Million $1,000,000 Included in Non-Aviation Employment Practices Other Coverage -Crime, Varies Varies $61,000 Fiduciary, Foreign, Bonds Total = $690,000 9 Coverage Issues For 2011-2012 (To Be Finalized In Discussion With Divisions prior to 10/1/2011) Terrorism Purchase for non-aviation liability policies Airport Limits Keep at $300 Million (looking at $500 Million) Ramp Insurance at Airport Continue to purchase for ramp control vendor Excess Worker Compensation To receive quote; would add $350,000 in premium Has not been insured for past six years 10 Operational Issues 2011-2012 (To Be Reviewed In Discussion With Divisions prior to 10/1/2011) Real Estate Division Eastside Rail Corridor operating volumes should not be significant enough to impact premium Maintenance of East Marginal Way Grade Separation Aviation Division Landside Busing Operations Coverage for operations between terminal and RCF/Bus Maintenance Facilities Renewal Estimate~ $700,000 to $1,050,000 11
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