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City t CITY COUNCIL COMMUNICATION <br />Louisville AGENDA ITEM <br />COLORADO • SINCE 1878 <br />SUBJECT: <br />DATE: <br />CITY OF LOUISVILLE 2014 INSURANCE RENEWAL <br />JANUARY 21, 2014 <br />PRESENTED BY: HEATHER BALSER, CITY MANAGER'S OFFICE <br />SUMMARY INSURANCE RENEWAL: <br />2014 Renewal: <br />Flood and Peterson marketed the City's renewal to Travelers (the City's current carrier) <br />and to numerous other companies. Traveler's was the only company that quoted all <br />lines of coverage. Other companies quoted partial lines of coverage or declined. The <br />marketing results are attached. <br />On December 27, 2013 Flood and Peterson met with City staff to review Traveler's <br />preliminary renewal of insurance for 2014. Initially, the premium renewal was expected <br />to be flat: $347,529 for 2014 vs. $ 348,211 for 2013, while Worker's Compensation <br />would have a nearly 20% increase. Discussions took place regarding excess flood <br />amounts and worker's compensation premiums. With further negotiation Flood and <br />Peterson was able to further reduce the City's premium with some additional changes to <br />coverage. On December 31, 2013, staff received final premiums for the 2014 -15 <br />renewal period for Property and Casualty and Workers Compensation: <br />The 2014 Property and Casualty premium is $319,866. There are several notable <br />changes to the policy from 2013 to 2014: <br />• Excess flood amount was reduced from $4m to $2m <br />o This decision was made because Location 47 — Library, we were able to <br />get the full $5m limit. <br />• Reduced Flood Deductible at Locations 12 -25, 30, 49 -54, and 56 -58 from <br />$600,000 to $500,000 <br />• Increased Flood Coverage at Location 47 from $1 m to $5m <br />• Coal Creek Golf Course buildings were added <br />• Municipal Tax Revenue coverage was added at no additional premium <br />• Crime Policy premium was locked in for 3 years <br />• 1st Party Sewer Backup was increased from $50,000 to $250,000 at no additional <br />premium <br />• Coverage for underground wires, pipes, flues or drains with a blanket limit of <br />$500,000 at no additional premium <br />• Added Off Premises Utility Failure for both Direct and Indirect damage with a limit <br />of $200,000 at no additional premium (excluding Overhead Transmission Lines) <br />CITY COUNCIL COMMUNICATION <br />8 <br />