Insurance_PRM Property & Casualty_Contract Renewal FY 2019-20PROPOSAL PRICING & BINDING AUTHORITY
CITY OF OKEECHOBEE
2019-2020 RENEWAL PROPOSAL
PROPERTY & CASUALTY INSURANCE
PRESENTED: AUGUST 14T", 2019
AFTER CAREFUL CONSIDERATION OF THE REFERENCED PROPOSAL, WE ACCEPT YOUR INSURANCE PROGRAM AS
INDICATED WITH AN "X" BELOW:
PROPERTY & CASUALTY COVERAGES
2018-2019
$62,512
PREMIUM BREAKDOWN
2019-2020
$63,018
BIND
% CHANGE YES
NO
PRM PROPERTY & CRIME
PRM BOILER & MACHINERY
N/A
I
N/A
PRM GL/LEL/AL/E&O/EXCESS LIABILITY
$92,210
I
$102,485
PRM WORKERS' COMPENSATION
$134,600
I
$148,059
PREFERRED MEMBER PARTICIPATION CREDIT
-$5,808
I
-$6,271
GRAND TOTAL $284,574
$307,292
7.98%
OPTIONAL/ANCILLARY COVERAGES
CYBER LIABILITY
INCLUDED
INCLUDED
POLLUTION LIABILITY
AVIATION LIABILITY
i+la"
PAYMENT PLAN: PRM ALLOWS THEIR MEMBERS TO PAY THEIR TOTAL COSTS IN FOUR (4) QUARTERLY INSTALLMENTS. THE
FIRST INSTALLMENT IS DUE AT INCEPTION AND I5 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 I5 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.
ember Signatuye
Dbi;ilnt k. Nict.t ( J
Print Member Name
81101 b r 2 Lf Zc' i i)
Date
SIGNED BINDING AUTHORITY TO BE RETURNED BY 09/15/2019
THIS DOCUMENT IN IT'S ENTIRELY IS CONFIDENTIAL & PROPRIETARY IN NATURE - NOT FOR PUBLIC RECORD.
WORLD
Risk Management
A BALLATOR COMPANY
WORKERS' COMPENSATION
TWO YEAR COVERAGE AGREEMENT
CITY OF OKEECHOBEE
2019-2020 RENEWAL PROPOSAL
PROPERTY & CASUALTY INSURANCE
PRESENTED: AUGUST 14T", 2019
IT IS AGREED BY BOTH PRM AND THE CITY OF OKEECHOBEE CITY THAT, BY EXECUTING THIS TWO YEAR COVERAGE AGREEMENT,
THE EXISTING Two YEAR COVERAGE AGREEMENT DATED 9/25/18 IS CANCELLED AND REPLACED AS FOLLOWS:
PRM IS OFFERING A Two YEAR COVERAGE AGREEMENT OPTION, WITH RATES, NOT PREMIUMS, GUARANTEED TO REMAIN THE
SAME FOR THE 10/1/2019 TO 10/1/2021 COVERAGE PERIOD [COVERAGE PERIODS (I) 10/1/2019 12:01AM TO
10/1/2020 12:O1AM (11) 10/1/2020 12:01AM TO 10/1/2021 12:01AMj.
THIS TWO YEAR AGREEMENT DOES NOT INCLUDE PROPERTY INSURANCE COVERAGE AND 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 BOTH LIABILITY & WORKERS' COMPENSATION:
LIABILITY
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,
2017 to October 1, 2020. Loss Ratio will be evaluated using
losses valued as of June 30, 2020.
3. PRM incurred loss ratio = paid losses and claim reserved
divided by annual liability premium.
4. If members loss ratio is breached, PRM reserves the right to
re -underwrite.
5. All aggregate limits are for one 12 -month Coverage Period
And losses applying to one Coverage Period do not erode
Other 12 -month Coverage Period aggregate limits.
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 lines of Coverage (Property, Liability (AL, GL & E&O) &
WC) must be purchased to bind the 2 -year Coverage
Agreement.
8. Premiums are subject to changed based on
increases/decreases in payroll.
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,
2017to October 1, 2020. Loss Ratio will be evaluated using
losses valued as of June 30, 2020.
3. PRM incurred loss ratio = paid losses and claim reserved
divided by annual Work Comp premium.
4. If members loss ratio is breached, PRM reserves the right to
re -underwrite.
5. All aggregate limits are for one 12 -month Coverage Period
and losses applying to one Coverage Period do not erode
other 12 -month Coverage Period aggregate limits.
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 lines of Coverage (Property, Liability (AL, GL & E&O) &
WC) must be purchased to bind the 2 -year Coverage
Agreement.
8. Premiums are subject to changed based on
increases/decreases in payroll.
IN THE EVENT THE MEMBER CANCELS ONE, OR ALL LINES OF COVERAGE PRIOR TO 10/1/2021 12:O1AM, A PENALTY EQUAL TO 60
DAYS PREMIUM OF THE LINE(S) OF COVERAGE SHALL APPLY. THIS PENALTY SHALL 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 TH
O YEAR CO . • GE AGREEMENT, YOU ARE AGREEING TO THE TERMS AND CONDITIONS LISTED ABOVE.
Signature
WORLD
Risk Management
LAtOP. COMPANY
Date
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