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citycy_ <br />Louisville <br />COLORADO • SINCE 1878 <br />ITEM 4 <br />SUBJECT: CITY OF LOUISVILLE 2023 INSURANCE <br />DATE: RENEWAL JANUARY 23, 2023 <br />PRESENTED BY: MEGAN DAVIS, DEPUTY CITY MANAGER <br />DAWN BURGESS, RISK MANAGEMENT SPECIALIST <br />SUMMARY: <br />Property and Liability: The City of Louisville insurance coverage has been renewed <br />for 2023. The renewal represents a roughly 16.6% increase across all lines of coverage <br />through Travelers and Pinnacol, our current insurance providers. <br />Our broker, Innovise Business Consultants, worked closely with staff and the Travelers <br />underwriter to successfully obtain all lines of coverage for property and liability. Innovise <br />marketed City insurance needs to carriers other than Travelers. As noted in attachment <br />1, carriers declined to provide a quote or were not competitive. <br />The City's loss history has trended significantly higher than desired industry standards. <br />Underwriters prefer a property loss ratio of roughly 40%. As noted on attachment 2, our <br />3-year loss history is 1153%. <br />The City continues to purchase a Wind/Hail Deductible Buy -down. This policy buys <br />down the wind/hail deductible on our most expensive structures. This policy expires in <br />March 2023, and we anticipate renewing coverage for 2023. The premium for that <br />coverage in 2022 was $144,281 and included the Recreation/Senior Center and Library. <br />The premium for 2023 coverage has not been obtained at this time. <br />Worker's Compensation: Worker's compensation coverage was renewed with <br />Pinnacol Assurance. Travelers provided a quote for worker's compensation coverage. <br />The quotes were very comparable but given staff satisfaction with Pinnacol coverage <br />and service, the decision was made to stay with the incumbent. <br />FISCAL IMPACT: <br />Excluding the Wind/Hail Buy Down, the premium renewal for Property and Casualty with <br />Traveler's is $825,431 for 2023 vs. $677,909 for 2022. The workers' compensation <br />coverage with Pinnacol is $200,016 for 2023 vs $195,196 for 2022. <br />Item <br />2023 Budget <br />2023 Actual <br />Under <br />Budget/(Budget <br />shortfall <br />Property and Casualty <br />$1,046,260 <br />$825,431 <br />$220,829 <br />Worker's Comp <br />$246,326 <br />$197,982 <br />$48,344 <br />Total — all lines of <br />$1,292,586 <br />$1,023,413 <br />$269,173 <br />coverage <br />12 <br />