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File #: 24-5584   
Type: Orange County Transportation Authority Item Status: Committee Ready - Regular Calendar
File created: 3/28/2024 In control: Finance and Administration Committee
On agenda: 10/23/2024 Final action:
Title: Excess Liability Insurance Renewal
Sponsors: Greg Bych , Maggie McJilton
Attachments: 1. Transmittal, 2. Staff Report, 3. Presentation
Date Action ByActionResultAction DetailsMeeting DetailsVideo/Audio
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Subject

title

Excess Liability Insurance Renewal

overview

Overview

The Orange County Transportation Authority procured excess liability insurance continuously from 1991 through 2020. Beginning in December 2020, the Orange County Transportation Authority became fully self-insured and has maintained that self-insurance since then.

recommendation

Recommendation(s)

A.                     Authorize the Chief Executive Officer to establish a $10 million self-insured retention for excess liability claims.

 

B.                     Authorize the Chief Executive Officer to negotiate and execute Purchase Order No. A59005, in the amount not to exceed $960,000, to Marsh Risk and Insurance Services, Inc., to purchase a $5 million excess liability insurance policy on behalf of the Orange County Transportation Authority for the policy period of November 1, 2024 to October 31, 2025.