Backup Documents 03/12/2024 Item #11E Presentation4/1/2024-25 PROPERTY RENEWAL RESULTS
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Significant Highlights include:
Results
• Property Rate DECREASE of 2.85%
• Total Insured Value (TIV) increase of 17.47%
• 13.14% overall premium increase
• Full Limits retained with Blanket Replacement Cost Coverage
• No decrease in coverage despite $23+ insured loss from Hurricane
IAN
•Retained unique coverage conditions:
• $10M sublimit for Debris Removal for scheduled highways
• Extra Expense for Lift Stations
• Limit purchased to the 100-year storm: 2023 $79M PML
• County maintains level of self-insurance
• $75M limit for $1.4B TIV
•5.4% (Insurance Limit to TIV)
• Options to purchase additional limits due to increased capacity and
competition in the marketplace.
Marketing
• Full access to worldwide marketplace (Domestic, London, Bermuda)
• 39 Property Insurance Companies approached
• Balance of capacity supply/demand resulted in competition and increased
negotiating power
Claims Advocacy
• Hurricane IRMA: $21M insured loss
• Hurricane IAN: $23M+ insured loss
• FEMA Obligation- Obtain and Maintain
• Required to maintain insurance on locations that have received FEMA
Public Assistance
As of 3/12/2024