The renewal has the same terms and conditions as last year’s policy; a primary liability limit of $1 million and an endorsed excess liability limit of $9 million. The renewal premium rose slightly to $3,846 from the $3,799 it was last year.
The property portion of the policy covers most everything except damage from flood, earthquake, utility interruption and broken glass stemming from an act of vandalism. The policy also contains $2 million worth of commercial liability coverage.
Only The Hartford, the renewing firm, bid on the policy. Four other insurers declined, two because the pricing was too high and two because they didn’t insure that type of business anymore.
Finding insurance firms that are eager to cover public buildings seems to be getting more difficult. To reach the $10 million coverage mark for CAA directors and officers, the board’s insurance broker, Arthur J. Gallagher, had to solicit policies from two firms.
Federal Insurance Co. agreed to underwrite $7 million of that coverage and Royal Surplus Lines Insurance Co. covered the other $3 million. In previous years, one insurer had written the entire policy. The liability policies for directors and officers costs the CAA $24,000.
The CAA owns Van Andel Arena and DeVos Place.