7d supp
ITEM NO: ______7d_Supp_______ DATE OF MEETING: September 24, 2013 Outline of Presentation Review of Liability Insurance Coverage Insurance Premium Factors Premium Re-Cap Renewal Coverage Process Expiring Premium 2012-2013 Renewal Issues 2013-2014 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) 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 Not purchasing. Compensation Insurance Premium Factors Total operating-capital budget/payroll Past losses and claims Strength of our indemnity agreements with tenants Indemnity/transfer in construction contracts Operations directly controlled by Port versus tenant controlled operations Insurance Premium Factors Size of automobile fleet and how utilized Inter-local agreements Number of employees and payroll Airport enplanements, Seaport TEUs, Rail link Insurance Premium Factors Insurance markets External events Amount of Port's deductible Limits requested Special coverage requests $700,000,000 $1,600,000 Liability Insurance Premium Versus Total Revenue $1,400,000 $600,000,000 $1,200,000 $500,000,000 Liability Premium +P011 Revenue $1,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 1 1 i 1 1 i I 1 I 2004 2005 2006 2007 2008 2009 2010 201 1 2012 2013 2014 Est Renewal Coverage Process Coverage will run 10/1/2013 to 9/30/2014 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. Renewal Coverage Process 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 Expiring Premium: 2012-2013 Coverage Line Limits Deductible Expiring Premium 10/1/2012-9/30/2013 Non-Aviation $50 Million $1,000,000 $440,000 Airport $300 Million $50,000 $282,000 Police $10 Million $1,000,000 Included in Non-Aviation Auto Self Insured First Million Self-Insured No Premium Self insured Vessels $ 1 Million $5,000 $21,000 Public Officials and $10 Million $1,000,000 Included in Non-Aviation Employment Practices Other Coverage: Crime, Varies Varies $38,000 Fiduciary, Foreign, Bonds Total = $781,000 Coverage Issues For 2013-2014 (To Be Finalized In Discussion With Divisions prior to 10/1/2013) Terrorism - Purchase for non-aviation liability policies Airport Limits - Keep at $500 Million Marine General Liability - Provide primary coverage for marina facilities Excess Worker Compensation - Not pursuing Cyber Liability Coverage - Reviewing options looking at coverage options for industrial control system incidents Operational Issues For 2013-2014 (To Be Finalized In Discussion With Divisions prior to 10/1/2013) Real Estate Division - Eastside Rail Corridor and sale to Woodinville; Past operating volumes have not been significant enough to impact premium - Maintenance of East Marginal Way Grade Separation Aviation Division - Landside RCF Operations Review incidents, loss projections, travel on non-Aviation roadways Renewal Estimate~ $800,000 to $815,000
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