CJPRMA Insurance Program Overview

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May 15, Annual Board Meeting CJPRMA Insurance Program Overview California Joint Powers Risk Management Authority Current Placement Summary July 1, 2013 to July 1, 2014 Excess Reinsurance
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May 15, Annual Board Meeting CJPRMA Insurance Program Overview California Joint Powers Risk Management Authority Current Placement Summary July 1, 2013 to July 1, 2014 Excess Reinsurance Liability: July 1, July, 2014 Liability Program o Munich Reinsurance America, Inc. Best Rating: A+ XV o SCOR Reinsurance Co. Best Rating: A- XV Property Program Primary Property: July 1, July, 2014 omunich Reinsurance America, Inc. Best Rating: A+ XV Automobile Physical Damage: July 1, July, 2014 o The Hanover Insurance Company Best Rating: A XIV Excess Property: July 1, July, 2014 oxl Insurance America, Inc. Best Rating A XV Office Package Policy General Offices: July 1, July, 2014 o Federal Insurance Company (Chubb Group) Best Rating A++ XV Boiler & Machinery: July 1, July, 2014 ohartford Steam Boiler Best Rating: A++ X Crime Shield General Offices: July 1, July, 2014 o Hartford Fire Insurance Company Best Rating A XV Difference in Conditions: July 1, July, 2014 oqbe Specialty Insurance Co. Best Rating: A XII 1 CJPRMA Property Program 2 Property Program Structure July 1, 2014 to July 1, 2015 $300M Lexington Insurance AM Best A XV $290,000,000 excess of $10,000,000 $10M $10,000,000 Primary Munich Reinsurance America, Inc AM Best A+ XV Deductible $25,000 3 Property Insurance Program July 1, 2014 to July 1, Property Program Primary Property Munich Reinsurance America Primary Property Limit: $10,000,000 Deductible: $25,000 Annual Premium: $1,746,816 (NET) Excess Property XL Insurance America Excess Limit: $290M Xs $10M Annual Premium: $316,000 (NET) 2014 Property Program Primary Property Munich Reinsurance America Primary Property Limit: $10,000,000 Deductible: $25,000 Rate: $ (0% increase) Annual Premium: $1,770,473 (NET) Excess Property Lexington Insurance Co. Excess Limit: $290M Xs $10M Rate: (6% increase) *Total TIV - $6,877,227,234 Annual Premium: $350,000 (NET) 10.8% Increase includes full engineering services 3% pure premium increase *Total TIV - $6,970,366,295 (1%) 4 Property Insurance Program July 1, 2014 to July 1, 2015 Primary Property 2014 Renewal Recommendation Munich Reinsurance America Property Limit: $10,000,000 Deductible: $25,000 Annual Premium: $1,770,473 (NET) Excess Property Lexington Insurance Company Excess Limit: $290M Xs $10M Annual Premium: $350,000 (NET) Total Annual Premium $2,120,473 Year over Year Premium Difference $ 57,657 5 8 Year Primary Rate Analysis July 1, 2006 to July 1, 2015 California Joint Powers Risk Management Authority 0.04 Program Rate Analysis RATE Primary Limit: $5M $5M $5M $10M $10M $10M $10M $10M 6 CJPRMA Boiler & Machinery Program 7 Boiler & Machinery Insurance Program July 1, 2014 to July 1, 2015 Loss Limit $21.25M New Enhancements: Mold Coverage Added Off Premises Property Damage is extended to Worldwide Coverage Increased Loss Amount will pay up to 150% of Total Loss to Replace equipment with like kind and quality that is more Efficient, Safer and Environmentally Friendly 100 FREE Oil Sample Tests through TOGA program Hartford Steam Boiler (Munich) AM Best A XV Deductibles Deductible:$5,000 except: $3.00/KVA, $10K minimum on Transformers; $30/HP, $10K minimum on ICE Generator Units; $30/KW, $50K minimum on Water Turbine Units; 24 Hours Business Interruption 8 Boiler & Machinery Insurance Program July 1, 2014 to July 1, Boiler & Machinery Program Hartford Steam Boiler Policy Limit: $21,250,000 TIV - $7,102,315,190 Deductibles: Direct Coverage: $5,000 Transformers: $3 per KVA/$10k Min. ICE/Generators: $30 per HP/$10k Min. Water Turbines: $30 per KW/$50k Min. Business Interruption: 24 Hours 2014 Boiler & Machinery Program Hartford Steam Boiler Policy Limit: $21,250,000 TIV - $7,179,958,266 (2.6% Higher) Deductibles: Direct Coverage: $5,000 Transformers: $3 per KVA/$10k Min. ICE/Generators: $30 per HP/$10k Min. Water Turbines: $30 per KW/$50k Min. Business Interruption: 24 Hours Sublimits: Demolition: $5,000,000 Expediting Expense: $5,000,000 Hazardous Substances: $5,000,000 Annual Premium: $271,690 (NET) Sublimits: Demolition: $5,000,000 Expediting Expense: $5,000,000 Hazardous Substances: $5,000,000 Proposal includes 10 Infrared Scans Annual Premium: $282,911 (NET) 9 Boiler & Machinery Insurance Program July 1, 2014 to July 1, 2015 Hartford Steam Boiler Policy Limit: $21,250, Renewal Recommendation Deductibles: Direct Coverage: $5,000 Transformers: $3 per KVA/$10k Min. ICE/Generators: $30 per HP/$10k Min. Water Turbines: $30 per KW/$50k Min. Business Interruption: 24 Hours Annual Premium: $282,911 (NET) Flat Rate Renewal, premium difference is 4% higher 1% is values 3% attributed to Infrared Scans Year over Year Premium Difference $11,221 (NET) 10 CJPRMA Excess Liability Program 11 Excess Liability Insurance Program July 1, 2014 to July 1, Excess Liability Program 2014 Excess Liability Program $20M Xs $5M SIR Munich Reinsurance America Policy Limit: $20,000,000 Self Insured Retention: $5,000,000 Annual Premium: $1,633,243(NET) $20M Xs $5M SIR TBD Policy Limit: $20,000,000 Self Insured Retention: $5,000,000 Rate:.1122 (0% rate increase) Annual Premium: $1,665,908(NET) Not to Exceed $15M Xs $20M SCOR Reinsurance Company Policy Limit: $15,000,000 Annual Premium: $307,743 (NET) $15M Xs $20M TBD Policy Limit: $15,000,000 Rate:.020 (0% rate increase) Annual Premium: $310,000 (NET) Not to Exceed *Total Payroll - $1,484,766,522 *Total Payroll - $1,484,766,522 12 Excess Liability Insurance Program July 1, 2014 to July 1, Excess Liability Program $20M Xs $5M SIR Munich Reinsurance America Policy Limit: $20,000,000 Self Insured Retention: $5,000,000 Rate:.1122 (0% rate increase) Annual Premium: $1,665,908(NET) Not to Exceed $15M Xs $20M SCOR Re Policy Limit: $15,000,000 Rate:.020 (0% rate increase) Annual Premium: $310,000 (NET) Not to Exceed *Total Payroll - $1,484,766, Excess Liability Program $20M Xs $5M SIR Starr Indemnity and Liability Policy Limit: $20,000,000 Self Insured Retention: $5,000,000 Rate:.0954 (17.56% rate decrease) Annual Premium: $1,415,800(NET) Not to Exceed $15M Xs $20M SCOR Re Policy Limit: $15,000,000 Rate:.020 (0% rate increase) Annual Premium: $310,000 (NET) Not to Exceed *Total Payroll - $1,484,766,522 13 Excess Liability Insurance Program July 1, 2014 to July 1, 2015 $20M Xs $5M SIR TBD Policy Limit: $20,000, Renewal Recommendation Self Insured Retention: $5,000,000 Annual Premium: $1,665,908 (NET) Not to Exceed $15M Xs $20M TBD Policy Limit: $15,000,000 Annual Premium: $310,000 Not to Exceed Total Premium $1,975,908 (Not to Exceed) Year over Year Premium Difference $34,914 (NET) 14 Optional Quote to Add ABAG to Membership Primary Liability Option $698,019 (rate is $0.128) Excess Liability Option $130,000 Brokerage Fee $60,000 15 6 Year Primary Rate Analysis July 1, 2008 to July 1, 2015 California Joint Powers Risk Management Authority RATE CJPRMA Auto Physical Damage Program 17 Auto Physical Damage Insurance Program July 1, 2014 to July 1, APD Program 2014 APD Program The Hanover Insurance Company The Hanover Insurance Company Reported Values: $253,765,747 Reported Values: $256,067,119 Total Units 3,168 Total Units 3,268 Per Occurrence Limit: $10,000,000 Deductible: $10,000 Full Replacement Cost No minimum value requirement for adding vehicles Automatic coverage for vehicles added during policy period, only vehicles/equipment valued above $250k must be reported Rate: $.173/$100 Stated Values Annual Premium: $439,015 Per Occurrence Limit: $10,000,000 Deductible: $10,000 Full Replacement Cost No minimum value requirement for adding vehicles Automatic coverage for vehicles added during policy period, only vehicles/equipment valued above $1M must be reported Rate: $.173/$100 Stated Values (0% increase) Annual Premium: $442,996 18 Auto Physical Damage Insurance Program July 1, 2014 to July 1, 2015 The Hanover Insurance Company Reported Values: $256,067,119 Per Occurrence Limit: $10,000,000 Deductible: $10, Renewal Recommendation Full Replacement Cost, regardless of vehicle/equipment age No minimum value requirement for adding vehicles Automatic coverage for vehicles added during policy period, only vehicles/equipment valued above $1,000,000M must be reported Rate: $.173/$100 Stated Values Annual Premium: $442,996 (NET) Year over Year Premium Difference $3,981 19 Auto Physical Damage Program July 1, 2005 to July 1, ,500 3,168 3,291 2,800 2,620 2,773 2,100 Rates Units 1, ,399 1,466 1,586 1,478 1, $ $ $ $ $ $ $ $ $ $ $ Rates Units 0 - Values & Units Reported by CJPRMA 20 CJPRMA General Office Programs 21 General Office Insurance Program July 1, 2014 to July 1, General Office Program General Office Package Federal Insurance Company Policy Limit: Per Occurrence: $1,000,000 Aggregate: $2,000,000 Deductible: $1,000 Per Occurrence/Office Contents $3,500 Mobile Communication Property Non-owned Auto Federal Insurance Company Policy Limit: $1,000, General Office Program General Office Package Federal Insurance Company Policy Limit: Per Occurrence: $1,000,000 Aggregate: $2,000,000 Deductible: $1,000 Per Occurrence/Office Contents $3,500 Mobile Communication Property Non-owned Auto Federal Insurance Company Policy Limit: $1,000,000 Combined Annual Premium: $6,485 (NET) Combined Annual Premium: $6,485 (NET) 22 General Office Insurance Program July 1, 2014 to July 1, Renewal Recommendation Federal Insurance Company Policy Limit: Per Occurrence: $1,000,000 Aggregate: $2,000,000 Deductible: $1,000 Per Occurrence/Office Contents $3,500 Mobile Communication Property Non-owned Auto Federal Insurance Company Policy Limit: $1,000,000 Combined Annual Premium: $6,485 Year over Year Premium Difference $0 23 Difference In Conditions (EQ/Flood) July 1, 2014 to July 1, DIC Program 15 Month Policy QBE Specialty Insurance Company Policy Limit: $6,900,000 Deductible: 5% of Total Insurable Replacement Cost $25,000 Minimum Annual Premium: $16, DIC Program Annual Policy QBE Specialty Insurance Company Policy Limit: $6,900,000 Deductible: 5% of Total Insurable Replacement Cost $25,000 Minimum Annual Premium: $19,327 24 Crime Shield Program July 1, 2014 to July 1, 2015 Current Crime Program Renewal Crime Program Hartford Fire Insurance Company Policy Limit: Employee Dishonesty: $4M Theft, Disappearance & Destruction: $4M Depositors Forgery: $4M Computer Fraud: $4M Deductible: $40,000 Per Loss Three Year Prepaid Premium: $5,976 Hartford Fire Insurance Company Policy Limit: Employee Dishonesty: $4M Theft, Disappearance & Destruction: $4M Depositors Forgery: $4M Computer Fraud: $4M Deductible: $40,000 Per Loss Three Year Prepaid Premium: $6,757 25 CJPRMA Environmental Program 26 Environmental Program July 1, 2013 to July 1, 2015 $5,000,000 per pollution condition $25,000,000 aggregate all pollution conditions $100,000 SIR per pollution condition Rate is per $1,000 of SOV Two Year Policy Term What it covers: 3 rd party bodily injury Property damage Clean up claims Legal defense costs resulting from pollution conditions. Premises owned or leased Operations and Activities Non Owned Disposal Sites Transportation Scheduled underground storage tanks 27 CJPRMA Builders Risk New Program 28 Builders Risk Limit of Liability Equal to Project Value (includes hard & soft costs) Policy written on All Risk Form Sub-limits can include coverage for: Transit Off-site Storage Earthquake Flood Contractor s Equipment Program can include multiple projects at once, limits will adjust based on projects that are occurring 29 CJPRMA Cyber Liability New Program 30 Cyber Liability What is Covered? Breach Event Expenses PR, Credit Monitoring, Communication, Notices Security Liability Virus transmission, failure to protect information Privacy Regulatory HIPPA etc. Media Liability Copyright infringement, libel, slander, etc. Cyber Extortion or Attack Business Interruption Privacy Liability Failure to protect corporate information Digital Asset Protection Corrupted information 31
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