The authority engaged a leading global insurance broker, Willis Towers Watson (WTW), to obtain competitive quotations from a universe of qualified providers. The renewal package includes 16 participating insurers and resulted in a favorable outcome for the Water and Power Authority. The renewal package not only reduces the annual cost for the insurance premium, but it also provides 50% lower deductibles that reduces the Authority’s exposure to risk from damages compared to the expiring policy.

As is common practice, final renewal terms were not available until shortly before expiration of the existing policy and after the regular board meeting held on April 27, 2022. The authority received final renewal terms the evening of April 28, 2022.

If new coverage was being placed with the existing participating insurers, the insurers would typically grant an extension for the Authority to seek Board of Directors approval at a regularly scheduled meeting. However, obtaining favorable terms necessitated changing the mix of participating insurers, which results in a shorter timeline for executing the insurance coverage renewal.

AGENDA