7a supp
Item No.: 7a_supp Meeting Date: September 30, 2014 Liability Insurance Renewal Update Outline of Presentation Review of Liability Insurance Coverage Insurance Premium Factors Premium Re-Cap Renewal Coverage Process Expiring Premium 2013-2014 Coverage Issues 2013-2014 Renewal Issues 2014-2015 Liability Insurance Coverage Coverage Description of Exposure Covered Law Enforcement Police operations Public Officials Wrongful acts of Port employees Employment Practices Wrongful acts of Port with respect to employees Non-Aviation Non-aviation operations Aviation Airport operations only Auto Automobile liability (Above what is selfinsured ) 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 Compensation Not purchasing 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 Grain terminal run by tenant Marinas run by Port Insurance Premium Factors Size of automobile fleet and how utilized Busing operations Inter-local agreements Added Normandy Park Dispatch Agreement Valley SWAT Team Interlocal 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 $600,000,000 $1,600,000 Liability Insurance Premium Versus Total Revenue $1,400,000 $500,000,000 $1,200,000 Liability $400,000,000 Premium $1,000,000 $300,000,000 $800,000 $600,000 $200,000,000 $400,000 $100,000,000 $200,000 $- $- 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Est Renewal Coverage Process Coverage will run 10/1/2014 to 9/30/2015 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: 2013-2014 Coverage Line Limits Deductible Expiring Premium 10/1/2013-9/30/2014 Non-Aviation $50 Million $1,000,000 $460,000 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 = $801,000 Coverage Issues For 2014-2015 (To Be Finalized In Discussion With Divisions prior to 10/1/2014) Terrorism The TRIA Act requires Congressional action; expires 12/31/2014 Terrorism Risk and Insurance Act (TRIA) Purchase for non-aviation liability policies Airport Limits Staying at $500 Million Not purchasing terrorism coverage Marine General Liability Port does purchase terrorism coverage Excess Worker Compensation Not pursuing Cyber Liability Coverage New coverage currently not purchased Reviewing options Pricing ranges between $60,000 to $70,000 Renewal Estimate For 2014-2015 (To Be Finalized In Discussion With Divisions prior to 10/1/2014) Renewal Estimate~ $805,000 to $815,000 with no cyber coverage Renewal with Cyber Liability~ $870,00
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