6. Unintentional Errors and Omission – Reduced from $10 million to $2.5 million

Board of County Commissioners Meeting · 2026-04-21 · agenda_item

Indian River County is reviewing its insurance coverage for county properties and utilities. This review involves adjusting coverage limits and exploring different insurance options. The process includes evaluating named storm and flood sublimits, as well as all perils limits. This review is currently under consideration, with potential adjustments to coverage amounts and deductibles being discussed. The work that this review could set in motion involves assessing existing structures and infrastructure, potentially leading to upgrades or new construction to meet updated insurance requirements or to manage risks. This could include site preparation, utility work, and building construction or repairs. Local contractors, suppliers, and service providers are encouraged to engage early in this process. Understanding the county's evolving insurance needs before final decisions are made on bids and permits can provide a competitive advantage for securing future work.

reduced from

10 million

to

2.5 million

rate decrease

8.66 %

total insured value increase

9.07 %

trend increase

5 %

excess of

75 million

excess of

25 million

rate decrease

13.03 %

total insured value increase

10.89 %

all perils limit

100 million

all perils limit

75 million

named storm and flood sublimits

35,000,000

special flood hazard area aggregate

10,000,000

flood aggregate

25,000,000

business interruption

5,000,000

extra expense

5,000,000

service interruption

1,000,000

service interruption

2,500,000

property insured limited to

1,000 feet

pml

74,676,490

pml

53,260,282

pml

34,723,816

pml

15,563,417

pml

47,099,841

pml

98,542,223

pml

32,788,628

pml

68,180,483

pml

20,822,019

pml

42,529,466

pml

8,916,423

pml

18,282,071

aal

555,558

aal

330,512

aal

726,365

total insured value increase

3.29 %

renewal premium

1,624,529

expired total premium

2,032,677

decrease

408,148

decrease

20.1 %

renewal rate decrease

22.8 %

earth movement sublimit

25 million

earth movement sublimit

35 million

all other perils

75,000,000

named storm

35,000,000

flood aggregate

35,000,000

deductible

5 %

premium indication

1,624,529

named storm

40,000,000

flood aggregate

40,000,000

deductible

5% Cap $6M

premium indication

1,793,674

premium indication

1,800,766

premium indication

1,989,941

named storm

6 million

named storm

10 million

pml

66,322,501

pml

45,100,131

pml

27,432,212

pml

10,351,793

aal

407,064

total insured value

240,987,448

premium

579,247

rate

.2348

purchased

60,000,000

storm limit

30,000,000

aggregate

10,000,000

aggregate

1,000,000

total insured value

242,955,795

premium

650,004

rate

.2634

total insured value

248,919,888

premium

736,424

rate

.2890

total insured value

259,128,905

premium

873,422

rate

.3332

storm limit

20,000,000

total insured value

261,286,540

premium

963,319

rate

.3786

total insured value

297,578,303

premium

1,281,441

rate

.4306

aggregate

15,000,000

premium

965,087

rate

.3206

total insured value increase

13.89 %

rate decrease

5 %

named storm and flood limit

10 million

named storm and flood limit

15 million

special flood hazard sublimit

1 million

renewal quote

939,301

rate decrease

10 %

additional flood limit

250,000

additional premium

25,786

all other perils

60,000,000

named storm

20,000,000

flood aggregate

10,000,000

premium

1,291,449

flood aggregate

15,000,000

premium

939,301

flood aggregate

20,000,000

premium

1,065,091

additional premium

100,004

premium

1,295,091

additional premium

330,004

special flood hazard area

1,000,000

special flood hazard area

30,279,812

building coverage

500,000

building coverage

168,400

building coverage

156,100

total insured value

1,324,500

premium

12,074

rate

0.91159

per building deductible

25,000

limit

100 million

total insured value

424,508,678

increase

2.3 %

renewal premium

16,361

figa surcharge

164