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Human Resources, Risk Management Division, recommending the Board approve insurance coverage and programs for an estimated total amount of $9,902,755 $9,904,368 and authorize the Human Resources Department, Risk Management Division, to sign and approve all documents required to secure continued insurance coverage and programs for Fiscal Year 2023-24 in order to avoid lapse of coverage, including the following:
1) PRISM - insurance and program participation in the following: Excess General Liability; Excess Workers' Compensation; Primary Workers' Compensation; Property; Medical Malpractice; Pollution; Cyber Liability; Master Crime; Catastrophic Inmate Medical Insurance; Underground Storage Tank; Watercraft; Optional Excess Liability; and Airport Operations Liability;
2) Alliant - Special Liability Insurance Program (SLIP); and
3) WellFleet - Volunteer Blanket Insurance.
FUNDING: Risk Management Internal Service Fund.
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DISCUSSION/BACKGROUND
The County faces a complex array of risks that can result in severe or catastrophic loss. Purchasing insurance helps protect the County from catastrophic general liability claims, automobile accidents, and workers' compensation injuries. Additionally, purchasing insurance protects the County from loss due to damage or destruction of County assets, pollution, crime, cyber liability, and airport operation exposures. The County procures a variety of insurance policies and programs to mitigate and transfer exposures to catastrophic loss. By securing these risk mitigating and transfer mechanisms, the County is better positioned to protect assets and personnel for the fulfillment of its services, objectives, and Strategic Plan.
This request is an annual process for the Board to authorize the Risk Management Division to renew insurance coverage and programs provided by PRISM, Alliant, and WellFleet. The County utilizes its participation in PRISM in conjunction with professional insurance brokerage services to secure...
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