The EIA Board met at the Hilton Hotel in Sacramento on May 31-June 1, 2012. Most of the discussion at the meetings was regarding the many program renewals that will occur on July 1st. Action items approved by the Board included:
• Adoption of the 2012/13 Budget
• The EWC Program renewal was finalized
o The $875k xs $125k layer is being moved to AmTrust and will be an aggregate stop loss structure instead of a quota share arrangement
o The $4M xs $1M layer renewal was finalized with an increase in the Corridor Retention rather than in premium
o The $45M xs $5M and Statutory xs $50M layer renewals were previously approved
• The Board was updated on the status of the GLI Program Renewal, but no action was taken because the renewal was approved by the Board in March with no premium increase
• Amendments to the EWC and GLI Memorandums of Coverage were approved effective 7/1/12
• Amendments to the Liability Claims Administration Guidelines (often referred to as Addendum B) were approved
• There was a lot of discussion about exposure and coverage for the operations responsible for winding down the former redevelopment agencies. Authority has been delegated to the Underwriting and Executive Committees to determine if any coverage endorsements should be issued to provide clarity and reduce uncertainty for our members
• The Loss Prevention and Risk Management Subsides will be combined into one subsidy fund to improve administration for the members in the coming fiscal year
