Last month, the Savannah Airport Commission approved Sterling Seacrest Pritchard, Inc., to procure Property Liability Insurance from Cincinnati for 2023-2024.  Unfortunately, Cincinnati had to withdraw the initial quotation as the one submitted last month was not a final bid.  Neither Seacrest nor SAC knew about the preliminary nature of the bid until it was approved last month.  With the additional increase in the annual premium and the current state of the market, Seacrest and SAC still believe that this is an acceptable quote with full limits and increased coverage from last year. The market has been seeing a 75%-100% increase over the last 12-18 months, and with the approximate 73% increase, this fee appears reasonable and what the current marketplace is experiencing. The second major change from the first option is that this option now reflects a 5% Wind/Hail deductible per location, subject to a $250K minimum Wind/Hail loss. This is in line with where CNA currently is in our current program.

Recommend Approval.

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