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SUBJECT: CITY OF LOUISVILLE 2022 INSURANCE RENEWAL <br />DATE: FEBRUARY 22, 2022 PAGE 2 OF 2 <br />FISCAL IMPACT: <br />Excluding the Wind/Hail Buy Down, the premium renewal for Property and Casualty with <br />Traveler's is $677,909 for 2022 vs. $558,203 for 2021. The workers' compensation <br />coverage with Pinnacol is $200,016 for 2022 vs $195,196 for 2021. <br />Item <br />2022 Budget <br />2022 Actual <br />Under <br />Budget/(Budget <br />shortfall <br />Property and Casualty <br />$777,320 <br />$677,909 <br />$99,411 <br />Worker's Comp <br />$239,450 <br />$200,016 <br />$39,434 <br />Total — all lines of <br />$1,016,770 <br />$877,925 <br />$138,845 <br />coverage <br />For all lines of coverage, the City has a 16.5% increase in insurance premium for 2022. <br />The City is $138,845 under budget for 2022. Once Wind/Hail Buy Down coverage is in <br />place, staff anticipates the being roughly $13,845 under budget. <br />Attachment: <br />1. Program Comparison <br />CITY COUNCIL COMMUNICATION <br />