Item 7c supp
ITEM NO: 7c_supp_________ DATE OF MEETING:__Sept 22, 2009_______ Liability Insurance Renewal Briefing Port Risk Management Presented September 22, 2009 Jeff Hollingsworth, Risk Manager Outline of Presentation Review of Existing Coverages Premium Re-Cap Renewal Process for 10/1/2009 Specific Issues Renewal Recommendation 2 Major Liability Coverages Coverage Description Police Police operations Public Wrongful acts of any Port Officials employee/volunteer Employment Wrongful acts of Port with Practices respect to employees Seaport All seaport operations Airport Only airport operations Auto Liability of Port's fleet 3 Minor Liability Coverages Coverage Description Fiduciary Benefit plans for employees Foreign Acts of Port employees working/traveling abroad Mobile Home Acts of Port with respect to airport mobile home parks Crime Employee dishonesty acts Vessel Police boat Bonds Self-insured pension bonds Excess workers Liability to worker injuries above Port's self compensation insurance program 4 Insurance Premium Factors Premium rates depend on: Total operating/capital budget of Port Record of past losses and claims Payroll Strength of our indemnity agreements with tenants Operations directly controlled by Port versus those under ownership of tenant Size of fleet Number of employees and concentration 5 Liability Premium Re-Cap 6 Renewal Coverage Details Coverage will run 10/1/2009 to 10/1/2010 Port selected a new broker who has an identified small business partner. A 10% target goal of small business involvement is included in the broker service agreement. Risk management reviews claims incurred, coverage costs/options, and deductibles with Division management Risk management networks with other public entities and Ports to check limits, deductibles, losses, and coverage exclusions or enhancements during renewal process 7 Premium: 2008-2009 Coverage Line Limits Deductible Expiring Premium 10/1/2008-10/1/2009 Seaport $50 M (Million) $1,000,000 $231,000 Losses Paid~$13K Airport $300 M $50,000 $222,000 Loss Paid~ $36K Reserved ~ $100K Police $3 M $1,000,000 $87,.000 Paid - $0.00 Auto Self Insured First Million Self-Insured Self-Insured Public Officials and $5 M Public Officials $1,000,000 $122,000 Employment Practices $5 M Employment $1,000,000 Incurred ~$61K Other Coverage (includes Varies Varies $44,000 Crime, Fiduciary, Foreign, Bonds, Mobile Home) Total 2007 = $937,000 Total 2008 $706,000 Total 8 Specific Issues 2009-2010 Terrorism Excluded under all policies after 9/11 Not purchased for the Airport since 9/11 Purchased on Seaport side for cruise Airport Limits Benchmarking Against Other Airports Ramp Insurance at Airport Purchased by Port for vendor Excess Worker Compensation Not insured 9 Other Airports-Limits Entity Deductible Limits Purchased Cincinnati $100,000 $300 Million Minn/St Paul $50,000 $500 Million LAWA $10,000 $1.30 Billion San Francisco $25,000 $500 Million Metro WA DC $200,000 $750 Million Philadelphia $ 1 Million $500 Million 10 Liability Renewal Recommendation Renew most coverage as its expiring Review limits of coverage for benchmark airports Evaluate cost of terrorism and war risk Ramp insurance Port continue to purchase Renew coverage with terrorism for seaport Evaluate excess worker compensation Total cost ~ $810,000 (if renewed as expiring) Excludes excess workers compensation Costs to be reviewed when quoted with Divisions 11
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