Houston Property Insurance Renewal 2019 Overview
Explore the detailed presentation on the City of Houston's property insurance renewal for 2019, including insured values, policy comparisons, premium allocations, and standalone insurance options for Houston First Corporation.
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Presentation Transcript
City of Houston Property Insurance Renewal 2019 Presentation for Budget & Fiscal Affairs Committee March 5, 2019
2019 2020 City of Houston Insurance Solicitation City of Houston Properties All Properties Total Insured Value $11.5B City of Houston Excluding Houston First Corporation Leased Properties Total Insured Value $10.5B Standalone Insurance Options for Houston First Corporation Leased Properties Total Insured Value $935M City-wide Terrorism Insurance 2
COH Property Insured Values 2019-2020 2018 2019 2019 2020 Total Insured Value $11,056,240,294 Total Insured Value $11,459,812,608 Locations: 3,303 Locations: 3,286 Highest valued locations: George R. Brown Convention Center - $489,940,054* Terminal D, IAH - $380,001,206 Terminal Building (N350), HOU - $356,966,192 Terminal C, IAH - $335,176,723 Terminal A, IAH - $241,454,828 Wortham Theater - $183,866,855* *Separate policy for 2019-2020. Total value including business interruption for GRB is $505,214,930. 3
COH Property Policy Renewal Comparison Coverage 2018 2019 2019 2020 Total Insured Value $10,117,292,879 $10,524,766,987 Policy Limit $175M $175M Flood Sub-Limit $175M $175M Deductibles All Other Perils $500,000 $500,000 Named Storm Wind Min $2.5M / Max $15M Min $2.5M / Max $15M Flood Min $2.5M / Max $15M Min $2.5M / Max $15M PREMIUM $12,311,531 $14,078,459 Rate per $100 of TIV $0.123 $0.134 Increase in rate for 2019/2020 Renewal 9.92% Increase in rate net of increase in TIV 6.72% 4
Proposed Commercial Property Policy Premium Allocation 2019 - 2020 Total Insured Value 2019 -2020 Allocation Percentage 2019 Renewal Premium Allocation Fund EnterpriseFund Houston Airport System $3.63B 34.49% $4,856,256 Houston Public Works $4.43B 42.13% $5,929,555 Enterprise Fund Subtotal $8.06B 76.61% $10,785,811 General Fund $2.23B 21.18% $2,982,166 Grant Fund $4.44M 0.04% $5,933 Special Fund $227.67M 2.16% $304,549 Totals $10.52B 100.00% $14,078,459 5
Houston First Corporation Standalone Property Insurance Options 2019-2020 City of Houston Owned Facilities Proposed Standalone Insurance Policy Options All HFC Properties Excluding George R. Brown Convention Center George R. Brown Convention Center Only Why Standalone Insurance for HFC Properties? This year it makes sense Direct Access to Post Disaster Insurance Recovery to Repair City Properties Why Standalone Insurance for George R. Brown Convention Center? City s Highest Single Insured Property Value - $505M Premier Property with No Flood Losses 6
HFC Property Insurance All HFC Excluding GRB (9 Facilities) Coverage GRB Only Total Insured Value $429,830,691 $505,214,930 Policy Limit $300M $505M Flood Sub-Limit $100M $200M Deductibles All Other Perils $500,000 $500,000 Combined Wind & Flood 2% Per Unit Subject to $500,000 Min /$7.5M Max 2% Per Unit Subject to $500,000 Min PREMIUM $2,562,056 $677,250 7
Terrorism Insurance No changes in terms; premium decrease of $13,737 $250M Annual Policy Aggregate Loss Limit $25M Annual Aggregate Nuclear, Chemical, Biological, and Biochemical sub-limit Deductibles Property Damage and Business Interruption Combined $500,000 Per Occurrence Nuclear, Chemical, Biological, and Biochemical 48-Hour waiting period for Business Interruption Premium - $489,932 Expires: April 1, 2020 8
