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Home My WebLink AboutR2026-43 Property and Casualty Insurance RenewalRESOLUTION 2026-43 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, ACCEPTING A PROPOSAL FROM FIRST FLORIDA INSURANCE BROKERS TO PROVIDE PROPERTY, CASUALTY AND WORKERS' COMPENSATION INSURANCE THROUGH PUBLIC RISK MANAGEMENT OF FLORIDA AND AUTHORIZING VILLAGE ADMINISTRATION TO TAKE ALL ACTIONS NECESSARY TO IMPLEMENT SUCH COVERAGE; PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village is currently a member of the Public Risk Management of Florida risk management and self-insurance pool for property and casualty coverage, as well as workers' compensation coverage; and WHEREAS, Village Staff recommended accepting a proposal from First Florida Insurance Borkers for property, casualty, and workers' compensation insurance through Public Risk Management of Florida for Fiscal Year 2027, along with a two-year rate guarantee for coverage through October 1, 2028; and WHEREAS, the Village Council determines that the adoption of this Resolution in the best interests of the Village and its residents. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA as follows: Section 1. The foregoing recitals are hereby ratified and incorporated herein. Section 2. The Village Council hereby accepts and approves the proposal submitted by First Florida Insurance Brokers for property, casualty, and workers' compensation insurance through Public Risk Management of Florida for Fiscal Year 2027 at a total estimated cost of $1,087,281.58, including a two-year rate agreement through October 1, 2028. The Village Council further authorizes Village Administration to take all actions necessary to implement such coverage. Section 3. All resolutions or parts of resolutions in conflict with this Resolution are hereby repealed to the extent of such conflict. Section 4. This Resolution shall take effect immediately upon adoption. P OPTED THIS 24TH DAY OF SEPTEMB R, 2026. ZU• •9< � M MAYOR RK VILLAGE OF NORTH PALM BEACH PROPERTY & CASUALTY RENEWAL PROPOSAL PREMIUM SUMMARY/REQUEST TO BIND COVERAGE —TWO YEAR PRICING OCTOBER 1, 2026 TO OCTOBER 1,2027 Village of North Palm Beach 2026-2027 Renewal Proposal Presented: 2026 Request to Bind Coverage - Two Year Rate Agreement We have reviewed the proposal and agree to the terms and conditions of the coverages presented. We are requesting coverage to be bound as outlined by coverage line below: •E LINE OF COVERAGE 2025-2026 2026-2027 %CHANGE BIND COVERAGE FOR PROPERTY&CRIME $408,932.00 $364,667-00 ❑ EQUIPMENT BREAKDOWN $5,283.00 $3,853.00 ❑ LIABILITY $254,973.00 $278,430.00 ❑ WORKERS' COMPENSATION $424,211.00 $445,422.00 ❑ PREFERRED MEMBER PARTIaPATION CREDIT -$19,392.00 -$17,845.00 ❑ TOTAL $1,074,007.00 $1,074,527.00 0.00% OPTIONAL / ANCILLARY COVERAGES • • INCLUDED • • • • • • • • INCLUDED ❑ CYBER LIABILITY PUBLIC OFFICIAL BOND (10/25/26 RENEWAL) $1,348.00 $1,348.00 0 STORAGE TANK (CURRENT 03/08/26-03/08/27 POLICY) $1,345.38 $1,406.58 0 AGENT'S FEE $10,000.00 $10,000.00 GRAND TOTAL $1,086,700.38 $1,087,281.58 0.00% Payment Plan: PRM allows their members to pay their total costs in four (4) quarterly installments. The first installment is due at the inception and is equal to 25% of all costs. The remaining costs will be paid over the next three (3) quarters. This warrants that you have no knowledge of any claim or incident that may result in a claim that has not been reported to the insurance carrier. It is understood and agreed that referenced proposal provides only a summary of the insurance program options offered. The actual policies will contain the complete terms, conditions, deductibles, exclusions. etcetera. Please review policy language for a full understanding of purchased program. Signature of uthorizedW resentative Printed Name of Authorized Representative Title of Authorized Representative Dated THIS DOCUMENT IN ITS ENTIRETY IS CONFIDENTIAL & PROPRIETARY IN NATURE- NOT FOR PUBLIC RECORD Creating Unique Risk Solutions FIRST FLORIDA Page J 21 Insurance Brokers VILLAGE OF NORTH PALM BEACH PROPERTY & CASUALTY RENEWAL PROPOSAL TWO-YEAR COVERAGE AGREEMENT OCTOBER 1, 2026TOOCTOBEr 1, 2027 Village of North Palm Beach 2026-2027 Renewal Proposal Presented: 2026 Two Year Coverage Agreement PRM is offering a Two -Year Coverage Agreement option, with rates, not premiums, guaranteed to remain the same for the 10/1/2027 to 10/1/2028 Coverage Period [Coverage Periods (i) 10/1/2026 12:01am to 10/1/2027 12:01am (ii) 10/1/2027 12:01am to 10/1/2028 12:01am]. This Two -Year agreement does not constitute a bar on the ability of a PRM member to withdraw from the PRM Pool. This Two -Year Agreement is subject to the following, for Liability, Property & Workers' Compensation: 1. A terrorist event or some other disaster that would cause PRM to become un-insurable/re- insurable or if said event severely crippled the world capacity making insurance/reinsurance unaffordable, substantial increase in cost or unavailable. 2. 30% incurred loss ratio for the renewal period of October 1, 2024 to October 1, 2027. Loss ratio will be evaluated using losses valued as of June 30, 2027. 3. PRM incurred toss ratio = paid losses and claim reserves divided by annual liability premium. 4. If members toss ratio is breached, PRM reserves the right to re -underwrite. 5. This does not negate the need to provide updated exposure information via the PRM Renewal Application. Rates remain the same, but premiums wilt vary based on exposure Information. 6. All lines of Coverage (Liability (AL, GL & E&O). Property & WC) must be purchased to bind the 2 - year Coverage Agreement. 7. Premiums are subiect to change based on increases/decreases in oavroll. 1. Aterrorist event or some other disaster that would cause PRM to become un-insurable/re- insurable or if said event severely crippled the world capacity making insurance/reinsurance unaffordable, substantial increase in cost or unavailable. 2. If PRM's Property renewal rate at June 1, 2027 increases by more than 12.5% PRM reserves the right to re -underwrite. 3. 30% incurred loss ratio for the renewal period of October 1.2024 to October 1, 2027. Loss ratio will be evaluated using losses valued as of June 30, 2027. 4. PRM incurred loss ratio = paid losses and claim reserves divided by annual Property premium. 5. If members loss ratio is breached, PRM reserves the right to re -underwrite. 6. This does not negate the need to provide updated exposure information via the PRM Renewal Application. Rates remain the same, but premiums will vary based on exposure Information. 7. All tines of Coverage (Liability (AL, GL & E&O), Property & WC) must be purchased to bind the 2 - year Coverage Agreement. 8. Premiums are subject to change based on increases/decreases in TIV. 9. Two Year Agreement coolies to both Wind and Ex -wind rates. 1. A terrorist event or some other disaster that would cause PRM to become un-insurable/re- insurable or if said event severely crippled the world capacity making insurance/reinsurance unaffordable, substantial increase in cost or unavailable. 2. 30% incurred loss ratio for the renewal period of October 1, 2024 to October 1, 2027. Loss ratio Creating Unique Risk Solutions FFIB Page 122 Firs, Florida Insurance Brokers VILLAGE OF NORTH PALM BEACH PROPERTY & CASUALTY RENEWAL PROPOSAL TWO-YEAR COVERAGE AGREEMENT OCTOBER 1, 2026 To OCTOBER 1, 2027 Village of North Palm Beach 2026-2027 Renewal Proposal Presented: 2O26 3. PRM incurred loss ratio = paid Losses and claim reserves divided by annual Work Comp premium. 4. If members loss ratio is breached, PRM reserves the right to re -underwrite. 5. This does not negate the need to provide updated exposure information via the PRM Renewal Application. Rates remain the same, but premiums will vary based on exposure information. 6. All Lines of Coverage (Liability (AL, GL & E&O), Property & WC) must be purchased to bind the 2 - year Coverage Agreement. 7. Premiums are subject to change based on increases/decreases in payroll. In the event the Member cancels one, or all Lines of coverage prior to 10/1/2027 12:01am, a penalty equal to 60 days premium of All Line(s) of coverage shall apply. This penalty shalt apply regardless of when notice of cancellation is given, or the effective date of such cancellation; however, this penalty shall not serve as a prohibition or bar to the PRM member withdrawing from the PRM Pool. By signing this Two -Year Coverage Agreement, you agree to the terms and conditions Listed above. Si atture of Authorized Repre ative lll(ape M41 --- Title of Authorized Repress tive Printed Ar Authorized Representative Dated Creating Unique Risk Solutions FFIB Page 123 Firs: Honda Insurance Brokers VILLAGE OF NORTH PALM BEACH PROPERTY & CASUALTY RENEWAL PROPOSAL SIGN -OFF LETTER OCTOBER 1, 2026 TO OCTOBER 1, 2027 August 27, 2026 Chuck Huff Village Manager Village of North Palm Beach 501 US Highway 1 North Palm Beach, FL 33408 RE: Village of North Palm Beach Property Terrorism & Sabotage/Active Shooter & Malicious Attack Mr. Huff: As a follow up to our proposal and in the interest of providing insurance consistent with the Village's needs and requirements, we have exhausted our alternatives and are offering coverage with the following market: Property Terrorism & Sabotage/Active Shooter & Malicious Attack — Lloyds of London The above insurance market is not licensed in the State of Florida but is approved to write business in the State of Florida on a surplus lines basis. In the event this market becomes insolvent, the Florida Guarantee fund will not provide coverage. If you have questions, please do not hesitate to contact us. As confirmation that you have read and understand this letter, please sign the copy of the letter provided and return it to our office for our files. Very truly yours, FIRST FLORIDA INSURANCE BROKERS Maggie Boykin, ARM -P Vice President —Property & Casualty Approved and Accepted By Chuck Huff Village Manager Village of North Palm Beach I Sri Creating Unique Risk Solutions FFIB Page I 24 First Florida Insurance Brokers