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Renewal of Excess Liability and Automobile Physical Damage Insurance [2023-2024]
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DESCRIPTION: Renewal of Excess Liability and Automobile Physical Damage insurance coverages for policy period 2023-2024
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
Authorize the Chief Executive Officer to proceed with the renewal of specified insurance coverages for the policy period 8/1/23-7/31/24 in the amount of $4,941,405.00.
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ISSUE/BACKGROUND:
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RTA annually renews its Excess Automobile Liability/General Liability ["Excess AL/GL"] and Automobile Physical Damage ["APD"] insurance coverages on August 1st.The policies are marketed and placed by the RTA insurance broker of record, The Kennedy Financial Group of Louisiana, Inc., and provide optimal coverage at the most competitive cost.
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DISCUSSION:
It is necessary that RTA proceed with the renewal of these insurance coverages through the RTA broker of record, The Kennedy Financial Group of Louisiana, Inc., on a timely basis:
Excess AL/GL: Limits $5,000,000; Excess Retained Amount ["SIR"]: Automobile - $1,500,000 per accident; General - $500,000 per occurrence.
Automobile Physical Damage: Total Insured Value ["TIV"]: $86,185,140 covering all RTA vehicles (revenue and non-revenue) with a $65M flood limit and a $50,000 deductible (except for named windstorm and flood at 3% per affected TIV with a per occurrence minimum of $250,000).
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Relative to Excess Liability ["Excess AL/GL"], the total cost for the expiring Excess AL/GL program [2022-2023] was $2,182,347.90.
Underwriters willing to write automobile liability for public transportation entities continue to confront significant losses nationwide. The Regional Transit Authority faces additional challenges because numerous markets willing to write automobile liability fo...
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