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Title
Excess Liability Insurance Renewal
Overview
The Orange County Transportation Authority currently has excess liability insurance policies with Gemini Insurance Company and Princeton Excess and Surplus Lines Insurance Company. These policies will expire on December 1, 2020.
Recommendation(s)
A. Authorize the Chief Executive Officer to fully self-insure for liability claims by allowing the excess liability insurance policies with Gemini Insurance Company and Princeton Excess and Surplus Lines Insurance Company to expire until such time the insurance market pricing is more favorable.
B. Direct staff to maintain a self-insured retention fund of no less than $14 million.
C. Direct staff to continue to monitor the liability insurance market and return to the Board of Directors when the average pricing trends show a reduction of at least 40 percent or in 11 months, whichever occurs first.