File #: 24-1228    Version: 1 Name:
Type: Consent Agenda Status: Agenda Ready
File created: 8/19/2024 In control: City Commission Regular Meeting
On agenda: 9/24/2024 Final action: 9/24/2024
Title: Approve Renewal of Property and Casualty, Accidental Dismemberment (AD&D) Insurance With Gehring Group a Risk Strategies Company for FIscal Year 2024-2025 in the Amount of $2,333,266.
Attachments: 1. Property & Casualty Renewal Evaluation, 2. AmWins - Property Quote, 3. AmWins Terrorism Risk Ins. Act Disclosure, 4. Everest Terrorism Risk Ins. Act Disclosure, 5. AXIS Terrorism Risk Ins. Act Disclosure, 6. Starstone Terrorism Risk Ins. Act Disclosure, 7. Terrorism Risk Ins. Act Disclosure, 8. NAV-ML Terrorism Risk Ins. Act Disclosure, 9. SOMPO Terrorism Risk Ins. Act Disclosure, 10. CHUBB Terrorism Risk Ins.Act Disclosure, 11. Property, Inland Marine Accords, 12. Chubb Illinois Union - Pollution Legal Liability Renewal Quote, 13. Chubb Illinois Union - Pollution Legal Liability Terrorism Risk Ins. Act Disclosure, 14. Preferred Government Insurance Trust - SIR, 15. Preferred Government Insurance Trust - Renewal for Liability & Workers' Comp, 16. Preferred Government Insurance Trust - Signature Page, 17. Preferred Government Insurance Trust - Unisured Motorist Form, 18. Preferred Governement Insurance Trust - Liability and Workers' Coomp Quote, 19. Florida Division of Corporation Documentation
TO: Honorable Mayor & Members of the North Port Commission

FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager

TITLE: Approve Renewal of Property and Casualty, Accidental Dismemberment (AD&D) Insurance With Gehring Group a Risk Strategies Company for Fiscal Year 2024-2025 in the Amount of $2,333,266.


Recommended Action

Approve Renewal of Property and Casualty, Accidental Dismemberment (AD&D) Insurance with Gehring Group a Risk Strategies Company for Fiscal Year 2024-2025 in the amount of $2,333,266.

Background Information

The Gehring Group provides the City Insurance Broker services for property and casualty insurance and risk management consulting. Gehring Group as the selected agent/broker for the City selected the Property, Casualty and Worker's Compensation insurance. The insurance proposals for Fiscal Year 2024-2025 have minimal changes in the scope of coverages.

The Commercial Property market in Florida today is experiencing somewhat of a softening. Last year, the Property market was extremely hardened because of ongoing and increasing annual catastrophic losses; the US alone experienced 31 independent catastrophic events each valued at over $1 billion in losses in 2023. Reinsurers significantly modified their underwriting practices, and prediction models have been updated to capture more relevant loss exposure factors, lending to unprecedented premium levels that affected the primary property market. Initially, reinsurance premiums and the commercial property market were forecast to reach price increases up to 25% in catastrophic markets, without property value or loss consideration. However, the market corrections made last year have bolstered an increase in capital flowing into the reinsurance market, and the Florida property market has seen the addition of several new carriers, which has lent to rate stabilization within the region.

Gehring Group was able to renew the City's property and casualty insurance program for Fiscal Year 2024-20...

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