TFLEx Forum Call – Property and Liability Insurance – April 25, 2024, 3:00 CST

Posted on by themousepadtexas

Renewal challenges in an increasingly difficult and expensive market

Transit agencies purchase property insurance on their large investment in fleet and infrastructure to provide financial reimbursement for damage and theft, and liability insurance that provides protection against claims resulting from injuries and damage to people and property from their numerous vehicles in operation daily.  The market for property insurance has become increasingly difficult driven by rising inflation and interest rates, and natural catastrophe losses, as well as for liability insurance stemming from increased litigation, escalating medical expenses and rising verdicts.

Join us for a transit-agency-only discussion on the role of the finance officer in assessing renewal options and providing the financial support and budget.

Participants will:

  • Learn the challenges agencies are facing, such as:
    • Cost of insurance premiums
    • Reduced number of firms bidding.
    • Separate coverage for specific events (e.g., cybercrime) or high dollar claims.
  • Examine agency strategies regarding property insurance, including self-insurance exposure and pooling with other governments.
  • Explore agency liability insurance cost saving actions involving reducing coverage and improving claims experience.
  • Hear market assessment of the impact of emerging use of AI (artificial intelligence).
  • Understand the short-term and long-term approach of sister agencies encompassing multi-year renewal periods, coverage bundling, and funding plans.

TFLEx members may join this call free of charge.  In the Zoom app enter the meeting ID and passcode provided on the emailed invite.  For more information contact Joe Costello, TFLEx Executive Director, at (708) 606-0811, costelloconsultingcorporation@gmail.com.

Participants will earn 1.0 CPE credit.

Field of Study: Finance

Additional Information
Prerequisites: None
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based

The Transit Finance Learning Exchange (2300 Downing Avenue, Westchester, IL) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor (#108644) of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: http://www.NASBARegistry.org.