Title:
Consider and take action on a resolution authorizing the purchase of windstorm and hail, including flood and storm surge, property insurance through McGriff, in an amount not to exceed $1,513,482 (Director of Human Resources and Civil Service)
Background:
Approval of this item will authorize the City to renew its Windstorm Insurance Coverage for the 2025-2026 policy period. The annual RFP process was conducted by McGriff Insurance Services, with underwriting specifications submitted to over 50 global and domestic insurance carriers. Proposals and indications were received from various insurance carriers representing different limits of coverage and deductible levels.
The City will experience a premium reduction for the 2025-2026 renewal period and a reduction in the City’s Self-Insured Retention. The following comparison table outlines the City's expiring premium per $100 of insured value compared to the 2025-2026 renewal:
Period 2024-2025 (Expiring) 2025-2026 (Renewal)
TIV $249,319,773 $249,319,773
Total Limit $45,000,000 $45,000,000
Deductibles 5% / $100K Minimum 5% / $100K Minimum
plus Insured Retention plus Insured Retention
20% of the $10M Primary 10% of the $10M Primary
Premium $1,598,020 $1,513,482
Carriers Participation:
· Expiring Coverage (2024-2025): Sompo, Lexington, Kemah, Lloyds, Core, Westfield, Arch, Axis, Rivington, James River, Markel
· Renewal Coverage (2025-2026): Sompo, Lexington, Kemah, Westfield, Core, Waypoint, Lloyds, Markel, Arch, Axis, Rivington, James River
Coverages:
· Limit subject to underlying schedule (TIV: $249,319,773 per SOV) and is based on per occurrence; Replacement cost; No coinsurance.
· Flood Coverage: $5,000,000 per occurrence and annual aggregate, including Storm Surge for miscellaneous locations/items totaling $24,206,590 in value (per SOV on file, including SFHA Zones).
· Ordinance of Law: A (included in loss limit), B & C combined $10,000,000 per occurrence.
· Newly Acquired or Constructed ...
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