At the April 1, 2020 Commission Meeting, staff recommended approval of 11 of the 14 Commercial Insurance Policies in an amount not to exceed $1,095,076.00. Staff recommended approval to take the ninety-day extension savings of the Property Insurance, D&O/EPLI, and Excess D&O/EPLI, which totaled $26,542. By exercising the extension, staff was able to take advantage of the 2019 premiums for three months and allow USI more time to negotiate with the carriers for a more competitive rate. The approval amount recommended by Staff at the April 1 Commission meeting considered the proposed premium ($1,121,618) less than the 90-day extension savings ($26,542) for a recommend approval of $1,095,076. Staff received the final quotes from USI on Friday, June 26, 2020, for the remaining policies. The total renewal premium for the 2020-2021 Airport Liability Insurance Program is $1,132,342.

Approval