Loading...
HomeMy WebLinkAboutPROPOSAL OF INSURANCE AND RISK MANAGEMENTPROPOSAL OF INSURANCE AND RISK MANAGEMENT Prepared for: Augusta, Georgia Augusta Regional Airport Authority Solid Waste Management Authority Policy Period: 4/19/13 to 4/19/14 Presented by: Phil Harison, Jr. Vice President j Smith Lanier & Co. insuring People and Business Since 1868 Client Portal is your personalized website that allows you to effortlessly click, connect, and communicate with J. Smith Lanier & Co. It is designed to offer you time- saving tools and resources that build convenience into managing your everyday work tasks. Whether you want to view documents online, participate in plan /program surveys, or connect with over 300,000 peers in your industry, this is the place to be. It's easily accessible, hardworking, and just one of the many value -added services available when you partner with J. Smith Lanier & Co. Property and Casualty Client Features • Choose from hundreds of P &C resources • P &C Document Library and Newsletters • Links to well- known, official industry websites • Access Workers' Compensation statutes for all 50 states • OSHA Compliance and create and maintain your OSHA log electronically • Benchmark Surveys & Statistics Benefit Client Features • HR- related topics including a powerful search engine for quick and easy access • Direct link to federal and state legislation guides • Frequently Asked Questions (and Answers) • Instant access to downloadable articles • Benchmark Surveys & Statistics • Compliance & Plan Designs • Employee Communication & Education • Links to well-known and official industry websites CLIENT PORTAL Collaboration Center • Our document posting capabilities allow a seamless exchange of information sharing from our agency to you. • Accessible 24/7, postings from our agency are timely, relevant, and easy to locate in one convenient place online. Survey Benchmarking • Participate in benefit plan and /or P &C program surveys. • Allows you to determine how your plans and programs compare to employers across the U.S. Community • You can share information and resources through an interactive forum that allows you to post questions, provide insight into other users' questions, and allows you to track responses based on topics or individual questions. • Community postings are organized by topic so you can source information quickly and easily. Exchange Internal Documents Online • Access to information housed in one area • Simplifies updates to reports, worksheets, questionnaires and policies • Claims Management Services Resolve coverage issues Claims reporting procedures Timely settlements SERVICE COMMITMENT J. Smith Lanier & Co. is committed to the client. We enjoy what we do and it shows in our work. Some of our more important qualities include: ■ A Team Of Qualified Insurance Professionals Periodic evaluation of your insurance program Certificates of Insurance Policy forms, wording, and endorsements Contracts (Insurance /Indemnification provisions) • Engineering Services Site surveys Develop new or refined safety programs Safety Training Review Carrier recommendations for feasibility and effectiveness At J. Smith Lanier & Co., we believe the best way to effectively give your business the service it deserves is through a team effort. Our client service team concept is designed to give you consistent, knowledgeable service which can only occur by working with trained professionals. Phil Harison, Jr. — Vice President • •n I •_ -- •_.• m Lisa Hamilton lhamilton@jvnithlanier.com Jerry Hedgepeth AIC, ARM, CIC jhedgepethna,js . thlani .r.com SERVICE TEAM J. SMITH LANIER & CO. — Augusta Division 2601 Commons Avenue Augusta, GA 30909 Main Phone Number: 706 - 737 -8811 Main Fax Number 706- 737 -3413 COMMERCIAL LINES TEAM Account Executive 706- 737 -8811 Account Manager 706 - 737 -8811 CLAIMS Corporate Claims Director 770 - 814 -4535 Dan Adams Claims Analyst 706 - 434 -2393 dadams@jsmithlanicr.com DESCRIPTION OF COVERAGE Best Rating Premium Landmark American Insurance Co A XII $64,948 AIG Insurance Co. A XV $78,265 Crum & Forester A -XI $93,783 Allied World Assurance Co. A XV $127,642 PREMIUM SUMMARY Terms & conditions: Public Officials Limit: $2,000,000 (Annual Aggregate, defense costs are in addition to limit) Retention: $250,000 Each Claim Public Officials $250,000 Each Claim Employment Practices Liability Prior and Pending Litigation backdated to: 04/19/97 for Augusta, GA 04/19/03 Augusta Regional Airport Authority 08/01/04 Solid Waste Management Authority Landmark American — 2012 year expiring premium was $64,948. AIG Insurance Co. — Completed and signed original AIG application and copy of employee handbook required. 2012 audited financials also needed. Allied World Assurance Co. — Completed and signed original AWAC application and copy of Employee handbook required. 2012 audited financials also needed. Crum & Forester — Completed and signed original Public Officials application required and signed Claims supplemental form and copy of employee handbook. 2012 audited financials also needed. GUIDE TO BET FINANCIAL TH R A Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Financial t ; ` e t#i Ratings Rating Descriptor Definition Secure A ++ A+ Superior Assigned to companies that have, in our opinion, a superior ability to meet their ongoing insurance obli- gations. A, A- Excellent Assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations. B + +, B+ Good Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance obliga- tions. Vulnera ble B, B- Fair Assigned to companies that have, in our opinion, a fair ability to meet their ongoing insurance obliga- tions. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. C ++ C+ Marginal Assigned to companies that have, in our opinion, a marginal ability to meet their ongoing insurance obli- gations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. C, C- Weak Assigned to companies that have, in our opinion, a weak ability to meet their ongoing insurance obliga- tions. Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. D Poor Assigned to companies that have, in our opinion, a poor ability to meet their ongoing insurance obliga- tions. Financial strength is extremely vulnerable to adverse changes in underwriting and economic con- ditions. E Under Regulatory Supervision Assigned to companies (and possibly their subsidiaries/affiliates) placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or reha- bilitation, but not liquidation - that prevents conduct of normal, ongoing insurance operations. F In Liquidation Assigned to companies placed in liquidation by a court of law or by a forced liquidation. R at i ng S Modifiers Suspended Assigned to rated companies when sudden and significant events affect their balance sheet strength or operating performance and rating implications cannot be evaluated due to a lack of timely or adequate information. Descriptor Definition u Under Review Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. pd Public Data Indicates rating assigned to insurer that chose not to participate in A.M. Best's interactive rating process. (Discontinued in 2010) s 'Outlooks Syndicate Indicates rating assigned to a Lloyd's syndicate. Indicates potential direction of a Financial Strength Rating over an intermediate term, generally defined as 12 to 36 months. Positive Indicates possible rating upgrade due to favorable financial /market trends relative to the current rating level. Negative Indicates possible rating downgrade due to unfavorable financial /market trends relative to the current rating level. Stable Indicates low likelihood of a rating change due to stable financial /market trends. Affiliation �` v Indicates rating is based on a type of affiliation with other insurers. g Group p fk Pooled r Reinsured Designation u _ « ......,: .., � . NR: Assigned to companies that are not rated by A.M. Best. Ra t D isclosure A Best's Financial Strength Rating opinion addresses assigned to specific insurance policies or contracts policies or procedures; the ability of the insurer contractually borne by the policy or contract insurance policy, contract or any other financial for a specific purpose or purchaser. In arriving provided to it. While this information is believed For additional details, see A.M. Best's Terms the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not and do not address any other risk, including, but not limited to, an insurer's claims - payment to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability holder. A Best's Financial Strength Rating is not a recommendation to purchase, hold or terminate any obligation issued by an insurer, nor does it address the suitability of any particular policy or contract at a rating decision, A.M. Best relies on third -party audited financial data and /or other information to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. of Use at www.ambest.com. Best's Financial Strength Ratings are distributed Actions section of BestWeek®. Best's Financial Copyright © 2011 by A.M. Best Company, Inc. via press release and /or the A.M. Best Web site at www.ambest.com and are published in the Rating Strength Ratings are proprietary and may not be reproduced without permission. Version 062211 A.M. BEST RATING SCALE Proposal J. Smith Lanier & Co thanks you for the opportunity to discuss your insurance and risk management program. This summary is a brief overview of that program and is based on the exposure information you provided. Please refer to the policies for complete terms, conditions, limitations, definitions, and exclusions. We have evaluated your exposures to loss and developed this proposal based upon the information that you have provided to us. If you are aware of other areas of potential exposure that need to be evaluated or of additional information of which we should be aware prior to binding of coverage, please bring the other areas or additional information to our attention as soon as possible. Should any of your exposures change after coverage is bound, please notify us immediately. Client Contracts DISCLAIMER In the event that you enter into a contract that has specific insurance requirements, J. Smith Lanier & Co. will review your contract, but only in regards to the insurance requirements of the contract. The scope of our review will be to determine if the current insurance program which you have placed through our agency addresses the types and amounts of insurance coverage referenced by the contract. We will identify the significant insurance obligations and will provide a summary of the changes required in your current insurance program to meet the requirements of the contract. Upon your authorization, we will make the necessary changes in your insurance program. We will also be available to discuss any insurance requirements of the contract with your attorney, if desired. In performing a contract review, J. Smith Lanier & Co. is not providing legal advice or a legal opinion concerning any portion of the contract. In addition, J. Smith Lanier & Co. is not undertaking to identify all potential liabilities that may arise under any such contracts. A contract review is provided solely for your information and should not be relied upon by third parties. Any descriptions of the insurance coverages are subject to the terms, conditions, exclusions, and other provisions of the contract and of the insurance policies and applicable regulations, rating rules or plans. Compensation Disclosure (Including New York Regulation 194 Disclosure) J. Smith Lanier & Co. is an insurance producer domiciled in the State of Georgia and licensed to sell insurance in additional states (including New York). Our licensed insurance producers are authorized by law to confer with you regarding the benefits, terms and conditions of insurance contracts; to offer advice concerning the substantive benefits of particular insurance contracts; to sell insurance; and to obtain insurance for purchasers. Our role in any particular insurance transaction typically involves one or more of these activities. Except in cases where J. Smith Lanier & Co. has a specific fee agreement to receive compensation from a client, we customarily receive compensation from insurers for our professional services in the form of a commission, which normally consists of a percentage of the premium collected by the insurers. J. Smith Lanier & Co. may also receive additional compensation, under agreements with one or more insurers and /or insurance intermediaries, in the form of commission overrides or based on some combination of volume, profitability or other factors. We will receive compensation in connection with the sale of insurance products based upon the type of insurance contract that we sell and our arrangement with the insurer. Depending on the insurer and insurance contract that you select, compensation may be paid to J. Smith Lanier & Co. by the insurer selling the insurance contract or by another third party. Such compensation may vary depending on a number of factors, including the insurance contract and the insurer the purchaser selects. In some cases, other factors such as the volume of business a producer provides to an insurer or the profitability of insurance contracts a producer provides to an insurer also may affect compensation. At your request, we will be pleased to provide you with information about compensation expected to be received by J. Smith Lather & Co. based in whole or in part on the sale of insurance to you and (if applicable) compensation expected to be received by us based in whole or in part on any alternative quotes presented to you by J. Smith Lanier & Co. Collection Disclosure If this proposal results in your commitment to purchase one or more of the insurance products described in this proposal, J. Smith Lather & Co. will submit to you, or caused to be submitted to you, an invoice for the insurance premiums associated with such insurance products. You are responsible for payment in full of the premium amounts set forth on our invoices within the payment terms set forth on the invoices. In the event that J. Smith Lanier & Co. or its designee commences legal action to collect amounts due under outstanding invoices or to enforce its rights under any insurance contracts, you will be responsible for payment of all reasonable attorneys' fees, court costs and expenses incurred by J. Smith Lanier & Co. in collecting past due amounts pursuant to such invoices or otherwise enforcing its legal rights under such contracts. Named Insured: Augusta, Georgia; Augusta Regional Airp Choose the appropriate option: I hereby authorize J. Smith Lanier & Co. to bind my coverage per the terms and conditions outlined in this Proposal. 312110.3 Authorised Signature AUTHORIZATION TO BIND � 24 /tom Date ❑ I hereby authorize J. Smith Lanier & Co to bind my coverage with changes as stated below. I understand these changes may result in possible additional underwriting requirements or more /less premium. Authorised Signature Date March 19, 2013 Dear. Sandy: Ms. Sandy Wright Manager —Risk Management 530 Greene Street Augusta, GA 30901 The Augusta - Richmond County Commission, at their regular meeting held on Tuesday, March 19, 2013 approved Public Official Liability Insurance with Landmark American Insurance Company, current carrier, for a premium charge of $64,948 (same premium charge as 2012) for policy period April 19, 2013 to April 19, 2014. (Approved by Finance Committee March 11, 2013) If you have any questions, please contact me. Yours truly, Frederick L. Russell Administrator 03- 19 -13: #23 cc: Ms. Donna Williams Office of the Administrator Frederick L Russell, Administrator Tameka Allen, Deputy Administrator William Shanahan, Deputy Administrator Room 801 - Municipal Building 530 Greene Street- AUGUSTA, GA. 30901 (706) 821 -2400- FAX (706) 821 -2819 www.augustaga.gov