insurance package for the 2024/2025 ….
insurance package for the 2024/2025 term at an annual cost not to exceed $5,962,802, excluding financing charges and taxes that will be calculated once all policies are finalized.
That final cost will be under budget for both the GRF and Mutuals.
DLD Insurance, GRF’s broker for over 30 years, worked closely with insurance markets for months soliciting competitive bids from 70 carriers on behalf of Mutuals and GRF.
The broker also agreed to a reduction in fees and commissions totaling $250,000.
The GRF’s package includes a comprehensive insurance mix covering property and general liability, plus crime, employment, automobile (to cover GRF’s fleet), workplace violence and cyber security, among others.
DLD reports that a hardening of the property and casualty insurance pricing and limited coverage availability is directly linked to catastrophic losses in the wake of hurricanes Helene and Milton, which are projected to exceed $50 billion. The hurricanes were followed by severe flooding in Spain, which is expected to add another $5 to $10 billion in insured losses.
Although these disasters did not directly affect Leisure World, they impact the bottom line of insurers who will need to increase premiums to fund for future losses.
This, coupled with a continuing trend of higher court awards and settlements, will likely lead to continuing rate hikes. These hikes are the primary driver of two years of unprecedented increases in GRF and Mutual assessments.
The entire GRF Board meeting can be reviewed at lwsb.com. Click on Livestream. The next meeting of the GRF Board of Directors will be Jan. 28 at 10 a.m. in Clubhouse 4.
