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Board of Trustees of the Galveston Wharves
2019/2020 Insurance Renewal Presentation Port Property, Excess Port Property, Terrorism, Police Professional, Cyber & Workers Compensation Presented by: Cindi Heffernan, CPCU McGriff, Seibels & Williams, Inc. 7525 SE 24th St., Suite 520 Mercer Island, WA 98040
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Discussion Points 1. Evaluation of Expiring Program
2. Marketing Efforts 3. Program Review & Pricing 4. Additional Options
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Evaluation of Expiring Program
Property Coverage: Limits – Primary layer $10,000,000 1st Excess layer $15,000,000 2nd Excess layer $25,000,000 3rd Excess layer $25,000,000 Total Limit of Coverage: $75,000,000 Coverage quoted to include All Risk Perils (AOP), Named Storm, Flood and Earthquake. After receipt & review of 3rd layer Excess Property we discovered there was only $10M x $50M named wind and no flood or earthquake. Actual limits: All Risk Perils: $75M Named Storm: $60M Flood: $50M Earthquake: $50M AOP deductible increased from $100k to $1M Named Storm, Flood, EQ deductible 5% of values sustaining damage with a minimum of $1M, no maximum
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Marketing Efforts Property Coverage: Underwriters: MPorts Plus
WaveLength Lloyds Domestic Challenges: Continuity Credit Payback $170k 2018 Pricing based on no excess Cat. Cover Hurricane Harvey claim Highlights: Eliminated some Sub- Limits: Business Interruption, Extra Expense, Newly Acquired, Etc. Decreased AOP deductible from $1M to $100k Decreased other deductibles from $M to $250,000 (earthquake, dredging, etc.) Capped Named Windstorm, Flood & EQ at $5M Added Law Enforcement Liability to MPorts Liability policy Premium savings of $91,569
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Program Review & Pricing
Board of Trustees of the Galveston Wharves - Port of Galveston 2019 Premium & Limit Comparison - March 1st Effective 2018 Expiring 2019 Trended 2019 Renewal (Proposed) Primary Port Property Wavelength & Standard Wavelength & MPortsPlus Exposure: Total Insured Value $297,258,090 $299,258,091 Limit $10,000,000 AOP Deductible $1,000,000 $100,000 Named Storm & Flood Deductible 5% $1M Min/No Max $1M Min/$5M Max Premium* $928,135 **10% Credit Applied $934,380 $855,000 Excess Port Property Excess Layer 1 $15,000,000 Underlying Primary $412,594 $415,370 Excess Layer 2 $25,000,000 Primary + Excess 1 $332,500 ***5% Credit Applied $334,737 Lexington RSUI & Lloyds Underwriters Excess Layer 3 $10M Windstorm $50,000,000 Primary + Excess 1 & 2 $165,000 $166,110 $125,000 N/A RSUI Excess Layer 4 Excludes CAT Coverages $60,000,000 Primary + Excess 1, 2 & 3 $40,000 Terrorism Lloyds (Various) Terrorism Limit $75,000,000 Deductible $25,000 $16,400 $16,510 Law Enforcement Liability Indian Harbor/XL MPortsPlus Exposure: Operating Revenue $34,488,872 $37,770,000 Limit of Liability - Aggregate $2,000,000 Retention $50,000 $10,000 $30,755 $33,681 $5,000 Endorsement to Port Liability Cyber Liability Hiscox Limit of Liability $3,798 $4,159 Workers Compensation - Port of Galveston Texas Mutual Exposure: Payroll $5,597,480 $5,385,944 Experience Mod 0.90 1.13 State/Limit Texas Statutory Employers Liability Limit In Network/Out of Network In Network Premium $98,642 $94,914 $106,465 15% Deposit & 11 Monthly Reports Workers Compensation - Galveston Port Facilities Corp. $538,001 $539,475 $12,336 $12,370 $11,834 33% Deposit & 3 Quarterly Reports Total Package Premium $2,000,160 $2,012,231 $1,908,591 Difference from Expiring $12,071 ($91,569) Difference from Trended ($103,640)
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Additional Options Property Coverage:
Limits – Primary layer $10,000,000 1st Excess layer $15,000,000 2nd Excess layer $25,000,000 3rd Excess layer $10,000,000 4th Excess layer $15,000,000 (cat. coverage) Total Limit of Coverage: $75,000,000 Coverage quoted to include All Risk Perils (AOP), Named Storm, Flood and Earthquake ($60M) Quoting options to include Named Storm, Flood & Earthquake in the following layers: $25M x $50M $10M x $60M $15M x $60M Lower Pricing
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