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County Administrator's Report 7. 7.
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| BCC Regular Meeting |
Budget & Finance Consent |
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| RECOMMENDATION: |
Recommendation Concerning CHUBB Cyber Enterprise Risk Management Insurance and Public Officials Liability - Robert Dye, Manager, Risk Management Office
That the Board take the following action concerning Chubb Cyber Enterprise Risk Management Insurance and Public Officials Liability:
A. Approve the payment to USI Insurance Services, LLC, in the amount of $24,381, for Cyber, Enterprise Risk Management Insurance written through Chubb Group of Insurance Companies (ACE American Insurance Company) for the period of October 1, 2019, through September 30, 2020; and
B. Approve the payment to USI Insurance Services, LLC in the amount of $45,110, for Public Officials Liability written through Chubb Group of Insurance Companies (ACE American Insurance Company) for the period of October 1, 2019, through September 30, 2020.
[Funding: Fund 501, Internal Service, Cost Center 140835, Object Code 54501] |
| BACKGROUND: |
CYBER LIABILITY:
Exposure to loss from network intrusion is a significant financial risk for Escambia County. Cyber extortion is an increasing threat that can be mitigated by adequate coverage such as that offered in the recommended policy.
The premium increased $476 over last year’s premium due to increased exposure associated with increased revenue estimated for the coming year.
PUBLIC OFFICIALS LIABILITY:
Liability claims against municipalities have mushroomed in recent years. Public Officials Liability is the liability exposure faced by a public official from "wrongful acts," defined under public officials’ liability insurance policies as actual or alleged errors, omissions, misstatements, negligence, or breach of duty in his or her capacity as a public official or employee of the public entity. Transfer of this risk to an insurer is one of the most effective and efficient risk management techniques available to a public entity.
The recommended Public Official’s Liability policy covers actions that result in monetary loss but not bodily injury or property damage. Examples include zoning and hiring decisions. Employment practices are a significant source of Public Official’s Liability claims.
The recommended policy has a very broad definition of insured. The entity and elected and appointed officers, employees, members of boards and committees, and, volunteers are afforded coverage. |
| BUDGETARY IMPACT: |
Funds are available in Cost Center 140835, Object Code 54501 for Cyber liability.
Public Officials liability (POL) will require a Budget Amendment. |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| N/A |
| PERSONNEL: |
| Risk Management will be the contract administrator. No additional personnel will be required. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| County Ordinance, Chapter 46, Article II, Section 46-64, providing for Board approval of contracts of fifty thousand dollars ($50,000.00) |
| IMPLEMENTATION/COORDINATION: |
| Upon approval by the Board of County Commissioners a Purchase Order will be issued by the Purchasing Office to provide payment for services rendered from the Contract. |
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