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Cyber Insurance Placement and Renewal of Excess Liability and Automobile Physical Damage Insurance [2024-2025]
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DESCRIPTION:Cyber Insurance Placement and Renewal of Excess Liability and Automobile Physical Damage Insurance for Policy Period 2024-2025.
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
To ratify the Chief Executive Officer's action with the placement and renewal of specified insurance coverages for the policy period 8/1/24-7/31/25 in the amount of $5,080,548.11.
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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.
In addition, the broker has recommended Cyber Insurance coverage for protection from data breaches and other cybersecurity issues. RTA requests placement of this specialized coverage with optimal coverage at the most competitive cost.
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DISCUSSION:
It is necessary that RTA proceed with the renewal of the Excess AL/GL and APD 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"]: $95,131.813 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...
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