FROM: Stacey Barnier, Chief Human Resources Officer
SUBJECT: Renewal of property and casualty insurance coverages
RECOMMENDATION:
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Approve renewal of property and casualty insurance with Alliant Insurance Services and the Marsh & McLennan Insurance Agency LLC for fiscal year 2025-2026 in an amount not to exceed $497,437 with a contingency of $5,000 to account for any extreme dislocations in the insurance market that might change some of the quotes prior to binding coverage.
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BACKGROUND:
SBCERA conducted a Request for Qualifications followed by a Request for Proposals in Spring 2020 with the help of G2 Risk Consulting to test the market and put in place appropriate coverage in various areas of our property and casualty risk management program. Alliant Insurance Services was awarded the contract for our Fiduciary Liability and Employment Practices insurance coverage whereas Marsh & McLennan Insurance Agency LLC was awarded the contract for the remainder of our casualty insurance coverages including cyber, property, general liability, excess/umbrella, crime, and Workers' Compensation coverages.
As we have done in prior years, both carriers shopped SBCERA's risk portfolio to various carriers based on the lines of coverage they currently handle for SBCERA. Different in this years' property and casualty coverages is inclusion of some additional policies that were previously held by Hospitality Office in the event that Board approves its' dissolution at the June 5, 2025 Board Meeting.
SBCERA is part of the Alliant Fiduciary Liability Insurance Program which is a pooled plan that bundles fiduciary liability, fiduciary dishonesty and employment practices liability insurances and leverages the buying power of multiple public pension plans. Our fiduciary liability insurance increased 4.5% as a result of the increase in SBCERA's overall fund balance. As the fund continues to grow, we should expect to see our fiduciary liability insurance pr...
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