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Home My WebLink About000356.tiff BOARD OF COUNTY COMMISSIONERS PASS-AROUND REVIEW PASS-AROUND TITLE : Renewal : Weld County Retirement Plan Fiduciary Quote DEPARTMENT : Human Resources DATE : 08/22/2023 PERSON REQUESTING : Staci Datteri-Frey / Jill Scott / Cheryl Pattelli Brief description of the problem/issue: Renewal on our fiduciary insurance for the Weld Retirement and voluntary retirement plans offered to employees/plan participants. What options exist for the Board? Approve Not approve - seek other quotes or options Consequences : If not approved, risk liability in event of fiduciary breach of responsibility. Issue may be costly, Impacts : The quote provided is far a 3 year teen, therefore some savings from annual cost increases. Coverage protects County. Cost (Current Fiscal Year/Ongoing or Subsequent Fiscal Years : Annual premium is $ 10,070.00 Total cost of 3 year term is $ 30, 210.00 Recommendation : Staff recommendation is for approval. Support Recommendation Schedule Place on BOCC Agenda Work Session Other/Comments: Perry L. Buck, Pro-Tem Mike Freeman , Chair Ye)c Scott K. James Kevin D. Rossft), Lori Saine ez peaAkeiseDri 2-ss) teyrs �� G dOo35 23 TRAVELERS : Jill E Hovey PO Box 64094 St . Paul . MN 55102-0094 Phone : ( 720 ) 200-8402 Email : JHOVEY@travelers . com August 14 . 2023 NATHAN KATHOL AJG RISK MGMT SERVS LLC 21820 BURBANK BLVD STE 301 RE : Benefit Plan : WELD COUNTY RETIREMENT PLAN 1150 O STREET GREELEY , CO 80632 Insurance Representative : John Lefebvre 1150 O . Street GREELEY , CO 80631 Expiring Policy Number: 106796588 Policy Period : September 1 , 2023 to September 1 , 2024 Dear NATHAN KATHOL : On behalf of Travelers Casualty and Surety Company of America we are pleased to provide the attached proposal of insurance for your review. The quotes contained in this document are valid until the expiration of your current policy , and are subject to the provision of, and Travelers' review and acceptance of, the required underwriting information noted in the Contingencies section . Travelers reserves the right to change the quotes in this document . or to refuse to bind coverage entirely . based on review of the required underwriting information or based on adverse change in the risk( s ) to be insured prior to the quote expiration date noted in this document . Please note that we require a response to this document prior to expiration of the Insured 's current policy in order to facilitate policy renewal . The insured 's current policy will expire and not be renewed in the absence of a request, and Travelers' agreement, to bind coverage . Travelers is pleased to offer Risk Management PLUS + Online® , the industry's most comprehensive program for mitigating your management liability exposures , which is available to you at no additional cost . Please visit www. rmplusonline.com to view the services that are available . If you have additional questions about the site please contact your Underwriter. Travelers Casualty and Surety Company of America , a subsidiary of The Travelers Companies, Inc. , has consistently earned high ratings for financial strength and claims-paying ability from independent rating services , including a current A . M . Best rating of A++* . Founded in 1853 , The Travelers Companies . Inc. is a Fortune 500 company . a component of the Dow Jones Industrial Average , and a leading provider of property casualty insurance for businesses. Thank you for considering Travelers for your client's insurance coverages . We look forward to discussing this opportunity with you . Sincerely , Jill E Hovey Travelers Bond & Specialty Insurance *A. M . Best's rating of A++ applies to Travelers Casualty and Surety Company of America as well as to certain insurance subsidiaries of Travelers that are members of the Travelers Insurance Companies pool ; other subsidiaries are included in another rating pool or are separately rated . For a listing of companies rated by A. M . Best and other rating services visit www.travelers.com . Ratings listed herein are as of July 2022 , are used with permission . and are subject to changes by the rating services . For the latest rating , access www.ambest.com . LTR-4000 Rev . 07- 16 Page 1 of 4 © 2016 The Travelers Indemnity Company . All rights reserved . Travelers Casualty and Surety Company of America QUOTE OPTION#1 LIABILITY COVERAGES Additional Prior&Pending Coverage Limit Defense Retention cont.., Proceeding Limit Date Date Designated Benefit Plan Fiduciary $1 000 000 for all Claims N/A $5,000(A)for each 06/16/2014 06/16/2014 Liability Claim under lnsunng Agreement A TOTAL ANNUAL PREMIUM-$10,070 00 (Other term options listed below,if available) COVERAGE DETAILS Settlement Program Limit of Liability $250,000 for each Settlement Program Notice,which amount is included within,and not in addition to,any applicable Designated Benefit Plan Fiduciary limit of liability HIPAA Limit of Liability $1,000,000 which amount is included within,and not in addition to,any applicable Designated Benefit Plan Fiduciary limit of liability 502(c)Penalties Limit of Liability $250,000 which amount is included within,and not in addition to,any applicable Designated Benefit Plan Fiduciary limit of liability EXTENDED REPORTING PERIOD AND RUN-OFF Extended Reporting Period for Liability Coverages Additional Premium Percentage 75% Additional Months 12 Run-Off Extended Reporting Period for Liability Coverages Additional Premium Percentage N/A Additional Months N/A CLAIM DEFENSE FOR ASSOCIATION MANAGEMENT LIABILITY COVERAGE,LIABILITY COVERAGES AND/OR CYBER COVERAGE Duty to Defend ANNUAL REINSTATEMENT Liability Coverage Limit of Liability Applicable PREMIUM DETAIL Term Payment Premium Taxes Surcharges Total Total Term Type Premium Premium 3 Year Installment $10,070 00 $0 00 $0 00 $10,070 00 $30,210 00 POLICY FORMS APPLICABLE TO QUOTE OPTION#1 DBP-15001-1112 Designated Benefit Plan Fiduciary Liability Coverage Declarations DBP-16001-1112 Designated Benefit Plan Fiduciary Liability Coverage ENDORSEMENTS APPLICABLE TO QUOTE OPTION#1 AFE-19029-0719 Cap On Losses From Certified Acts Of Terrorism Endorsement AFE-19030-0920 Federal Terrorism Risk Insurance Act Disclosure Endorsement DBP-17005-1112 Colorado Changes Endorsement LTR-4000 Rev 07-16 Page 2 of 4 ©2016 The Travelers Indemnity Company All rights reserved DBP-19001-1112 Designation of Insurance Representative Endorsement DBP-19003-1112 Governmental Plan Endorsement DBP-19025-1112 Addition of Specified Benefit Plan Endorsement DBP-19031-1112 Settlement Condition Endorsement Defense% 20 DBP-19078-0313 Amend Cancellation Condition-90-Day Notice of Nonrenewal DBP-19083-0315 Global Coverage Compliance Endorsement DBP-19089-0516 Add Civil Unions to Spousal and Domestic Partner Liability Coverage Endorsement DBP-19090-0617 PPACA,Section 203,Section 4975,and Other Civil Money Penalties Endorsement PPACA Penalties Limit of Liabihty $250,000 Section 203 Limit of Liabihty $250,000 Section 4975 Penalties Limit of $250,000 Liabihty Other Penalties Limit of Liability $250,000 CONTINGENCIES APPLICABLE TO QUOTE OPTION#1 This quote is contingent on the acceptable underwnbng review of the following information poor to the quote expiration date None COMMISSION 16 50% QUOTE NOTES NOTICES It is the agent's or broker's responsibility to comply with any applicable laws regarding disclosure to the policyholder of commission or other compensation we pay,if any,in connection with this policy or program Important Notice Regarding Compensation Disclosure For information about how Travelers compensates independent agents,brokers,or other insurance producers,please visit this website http//www travelers com/w3c/legal/Producer_Compensation_Disclosure html If you prefer,you can call the following toll-free number 1-866-904-8348 Or you can write to us at Travelers,Agency Compensation, P O Box 2950,Hartford,CT 06104-2950 LTR-4000 Rev 07-16 Page 3 of 4 ©2016 The Travelers Indemnity Company All rights reserved FEDERAL TERRORISM RISK INSURANCE ACT DISCLOSURE The federal Terrorism Risk Insurance Act of 2002 as amended("TRIA"),establishes a program under which the Federal Government may partially reimburse"Insured Losses"(as defined in TRIA)caused by"Acts Of Terrorism"(as defined in TRIA)Act Of Terrorism is defined in Section 102(1)of TRIA to mean any act that is certified by the Secretary of the Treasury-In consultation with the Secretary of Homeland Security and the Attorney General of the United States-to be an act of terrorism,to be a violent act or an act that is dangerous to human life,property,or infrastructure,to have resulted in damage within the United States,or outside the United States in the case of certain air carriers or vessels or the premises of a United States Mission,and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion The Federal Government's share of compensation for such Insured Losses is 80%of the amount of such Insured Losses in excess of each Insurer's"Insurer Deductible"(as defined in TRIA),subject to the"Program Trigger"(as defined in TRIA) In no event,however,will the Federal Government be required to pay any portion of the amount of such Insured Losses occurring in a calendar year that in the aggregate exceeds$100 billion,nor will any Insurer be required to pay any portion of such amount provided that such Insurer has met its Insurer Deductible Therefore,if such Insured Losses occurring in a calendar year exceed $100 billion in the aggregate,the amount of any payments by the Federal Government and any coverage provided by this policy for losses caused by Acts Of Terrorism may be reduced For each coverage provided by this policy that applies to such Insured Losses,the charge for such Insured Losses is no more than one percent of your premium,and does not include any charge for the portion of such Insured Losses covered by the Federal Government under TRIA Please note that no separate additional premium charge has been made for coverage for Insured Losses covered by TRIA The premium charge that is allocable to such coverage is inseparable from and imbedded in your overall premium Coverage Disclaimer THIS QUOTE DOES NOT AMEND,OR OTHERWISE AFFECT,THE PROVISIONS OR COVERAGE OF ANY RESULTING INSURANCE POLICY ISSUED BY TRAVELERS IT IS NOT A REPRESENTATION THAT COVERAGE DOES OR DOES NOT EXIST FOR ANY PARTICULAR CLAIM OR LOSS UNDER ANY`SUCH POLICY COVERAGE DEPENDS ON THE APPLICABLE PROVISIONS OF THE ACTUAL POLICY ISSUED,THE FACTS AND CIRCUMSTANCES INVOLVED IN THE CLAIM OR LOSS AND ANY APPLICABLE LAW THE PRECEDING OUTLINES THE COVERAGE FORMS,LIMITS OF INSURANCE,POLICY ENDORSEMENTS AND OTHER TERMS AND CONDITIONS PROVIDED IN THIS QUOTE ANY POLICY COVERAGES,LIMITS OF INSURANCE,POLICY ENDORSEMENTS,COVERAGE SPECIFICATIONS,OR OTHER TERMS AND CONDITIONS THAT YOU HAVE REQUESTED THAT ARE NOT INCLUDED IN THIS QUOTE HAVE NOT BEEN AGREED TO BY TRAVELERS PLEASE REVIEW THIS QUOTE CAREFULLY AND IF YOU HAVE ANY QUESTIONS,PLEASE CONTACT YOUR TRAVELERS REPRESENTATIVE LTR-4000 Rev 07-16 Page 4 of 4 O 2016 The Travelers Indemnity Company All rights reserved gentali Or . _ . e Ald Fill#1 Iiii l; -1 as' 1' Iw ' 1 SP F'- II I. er :dim` S tiy4 . 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CO 80632 • Presentation Date : August 15 . 2023 - INik Effective Date : September 1 2023 Jeff Kassal Producer Arthur J Gallagher Risk Management Services , LLD 6300 South Syracuse Way Suite 700 Centennial , CO 80111 0 (303 ) 889 2530 — ' 11 Jeff Kassalaaiq .com AJG License Nos . IL 100292093 / CA OD69293 Gallagher _ Insurance Risk Management Consulting Weld County Retirement Plan Proposal Summary We appreciate the opportunity to quote your business insurance . This proposal is a summary of policy terms and conditions . • We have been able to achieve renewal goals by negotiating your renewal with the incumbent carrier. This proposal provides coverage highlights along with the attached carrier quotations for the following coverages : • Fiduciary Liability It is recommended that you consider purchasing coverage for the following , which are not included in your insurance program : • Flood • Cyber Liability We are not aware of any changes in your exposures to loss , nor are we aware of any changes in your business o perations that would necessitate additional coverage options . Please notify us immediately if you are planning any n ew business operations. The values and schedules are per the expiring policy or the information you have previously provided . It is your responsibility to notify us of all necessary changes to your schedules Information contained in this proposal is intended to provide a brief overview of coverages . It should be used for reference purposes only . It is not intended to provide a full list of policy exclusions , limitations . and conditions . The provided quotes should be reviewed for further details . Coverage afforded to you is subject to all terms . conditions . and exclusions of the bound and issued policies . To Bind Coverage : Please refer to the attachment document titled . "Client Authorization to Bind Coverage ": • Note any changes you desire to be made • Place a check mark next to the coverage (s ) you wish to accept • Date and Sign • Return prior to the effective date of coverage Thank you for allowing Gallagher to service your insurance needs . We appreciate your business and look forward to working with you in the coming year. Please contact me if you have any questions . Sincerely, N ' K Nathan Kathol Client Service Associate Enclosure Gm, Gallagher Insurance Risk Management Consulting 2 Gall g Insurance ( Risk Management I Consulting Weld County Retirement Plan Premium Summary The estimated program cost for the options are outlined in the following table : Line of Coverage r aladmisa Expiring MEPRenewal Option ' velers Casualty and Sure Travelers Casualty and Surety - - _ , Company of America Company of America Premium $ 10 , 070 . 00 $ 10 , 070 . 0O Fiduciary Liability Estimated Cost* $ 10 , 070 . 00 Change ( $ ) Change r/o ) Total Cost $ 10 , 070. 00 $ 10 , 070.00 *Estimated Cost includes all taxes. fees, surcharges and TRIA premium (if applicable) Premiums are due and payable as billed and may be financed , subject to acceptance by an approved finance compary. Following acceptance . completion (and signature) of a premium finance agreement with the specified down payment is required . Note : Unless prohibited by law. Gallagher may earn compensation for this optional value-added service. Gallagher is responsible for the placement of the following lines of coverage : Fiduciary Liability. It is understood that any other type of exposure/coverage is either self-insured or placed by another brokerage firm other than Gallagher. If you need help in placing other lines of coverage or covering other types of exposures . please contact your Gallagher representative. Named Insured Named Insured Fiduciary Liability Weld County Retirement Plan X Note : Any entity not named in this proposal may not be an insured entity. This may include affiliates , subsidiaries , LLCs , partnerships , and joint ventures . 3 Gall . gher Insurance I Risk Management I Consulting Weld County Retirement Plan Market Review We approached the following carriers in an effort to provide the most comprehensive and cost effective insurance program . Line Of Coverage Insurance Company ** (AM Best Market Response * Admitted **' Rate/Financial Strength ) Fiduciary Liability Travelers Casualty and Surety Company of Quoted Admitted America (A+ + XV ) * If shown as an indication , the actual premium and acceptance of the coverage requested will be determined by the market after a thorough review of the completed application . **Gallagher companies use AM Best rated insurers and the rating listed above was verified on the date the proposal document was created . Best's Credit Ratings TM reproduced herein appear under license from AM Best and do not constitute . either expressly or impliedly, an endorsement of Gallagher's service or its recommendations . AM Best is not responsible for transcription errors made in presenting Best's Credit Ratings " . Best's Credit RatingsTM are proprietary and may not be reproduced or distributed without the express written permission of AM Best . A Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. It is not a warranty of a company's financial strength and ability to meet its obligations to policyholders . Best' s Credit Ratings -r"1 are under continuous review and subject to change and/or affirmation . For the latest Best's Credit Ratings '" and Guide to Best's Credit Ratings .. visit the AM Best website at http://www. ambest .com/ratinqs. ***If coverage placed with a non-admitted carrier.. it is doing business in the state as a surplus lines or non-admitted carrier. and is neither subject to the same regulations as an admitted carrier nor do they participate in any state insurance guarantee fund. Gallagher companies make no representations and warranties concerning the solvency of any carrier, nor does it make any representation or warranty concerning the rating of the carrier which may change . 4 Gallagher Insurance , Risk Management I Consulting s _ Weld County Retirement Plan Coverage Highlights Fiduciary Liability Quoted Policy Termer 0941/2023 - 09/01 /20 2 Carrier Information Travelers Casualty and Surety Company of America Payment Plan Annual- 3 installments of $ 10 . 070 . 00 Payment Method Agency billed Premium & Exposures Fiduciary Liability Premium $ 10 , 070 . 00 Terrorism - TRIA Included Estimated Cost $ 10 , 070 .00 Exposure Financials Policy Layer Primary Designated Benefit Plan Fiduciary $ 1 . 000 , 000 for all Claims Liability Form Type Claims-Made Prior & Pending Litigation Date 06/ 16/2014 Continuity Date 06/16/2014 Refer To Attached Policy Form Refer To Attached Policy Form Should you elect to change carriers ( if a new retroactive date is provided ) or non -renew this policy . a supplemental extended reporting endorsement may be available subject to policy terms and conditions . You must request the extended reporting period in writing to the carrier within 60 days of the expiration date . The cost of this extended reporting period is 75 % of the annual premium and Claims Made Disclaimer is fully earned . The extended reporting period extends only to those claims made during the extended reporting period for wrongful acts that occurred prior to the expiration date and would have been covered by the policy . Claims must be reported to the carrier within ( [ 12] ) months of the end of the policy period . The extended reporting period does not increase the limits of liability and is subject to all _ policy terms ; conditions and exclusions � # Irs - rn - 1 gut Significant policy endorsements include . but are not limited to . those listed on the attached quote/policy 4form/endorsements . Significant policy exclusions include , but are not limited to , those listed on the attached quote/policy form/endorsements . Fiduciary Rete Designated Benefit Plan Fiduciary Liability $5 . 000 (A ) for each Claim under Insuring Agreement A • Inside the Polic Limits . ntiti • ns . ' n Annual Reinstatement: Liability Coverage Limit Of Liability : Applicable Claim Defense For Association Management Liability Coverage , Liability Coverages And/Or Cyber Coverage : Duty To Defend 3 Year Installment Premium : $30 . 210 . 00 Claims Reporting By Policy Immediately report all claims . Each insurer requires notice of certain types of claims depending on the potential exposure or particular injury types . It is important to thoroughly review your policy to ensure you are reporting particular incidents and claims . based upon the insurer' s policy requirements . 5 tallagher • Insurance I Risk Management j Consulting Weld County Retirement Plan If you are using a third party administrator (-TPA ' ) ; your TPA may or may not report claims to an insurer on your behalf. Although we will assist you where requested . it is important that you understand whether your TPA will be completing this notification . Reporting Direct to Carrier Covera • e(s : Fiducia Liabilit Immediate) re • ort claims directly to : Insurer: Travelers Casualty and Surety Company of Insurer/TPA Name : Travelers Casualty and Surety America Company of America Phone : 800-842-8496 Fax: 888-460-6622 Policy Term : 09/01 /2023 - 09/01 /2024 Email : BSiclaims@travelers . com Web : Other: https : //www. travelers . com/claims Reporting to Gallagher or Assistance in Reporting Coverage(s ) : Fiduciary Liability Immediately report claims directly to : Gallagher Claim Center Phone : 855-497-0578 Fax: 225-663-3224 Policy Term : 09/01 /2023 - 09/01 /2024 Email: ,pgb. nrcclaimscenterajg . com 6 Gallagher Insurance I Risk Management I Consulting Weld County Retirement Plan Proposal Disclosures The following disclosures are hereby made a part of this proposal . Please review these disclosures prior to signing the Client Authorization to Bind or e-mail confirmation . Proposal Disclaimer IMPORTANT: The proposal and/or any executive summaries outline certain terms and conditions of the insurance proposed by the insurers , based on the information provided by your company. The insurance policies themselves must be read to fully understand the terms , coverages . Exclusions including but not limited to : , limitations and/or conditions of the actual policy contract of insurance . Policy forms will be made available upon request. We make no warranties with respect to policy limits or coverage considerations of the carrier. Compensation Disclosure 1 . Gallagher Companies are primarily compensated from the usual and customary commissions. fees or, where permitted . a combination of both , for brokerage and servicing of insurance policies . annuity contracts , guarantee contracts and surety bonds ( collectively " insurance coverages" ) handled for a clients account. which may vary based on market conditions and the insurance product placed for the client. 2 . In placing , renewing , consulting on or servicing your insurance coverages . Gallagher companies may participate in contingent and supplemental commission arrangements with intermediaries and insurance companies that provide for additional compensation if certain underwriting , profitability, volume or retention goals are achieved . Such goals are typically based on the total amount of certain insurance coverages placed by Gallagher with the insurance company . not on an individual policy basis . As a result. Gallagher may be considered to have an incentive to place your insurance coverages with a particular insurance company . If you do not wish to have your commercial insurance placement included in consideration for additional compensation , contact your producer or service team for an Opt-out form . 3. Gallagher Companies may receive investment income on fiduciary funds temporarily held by them , or from obtaining or generating premium finance quotes , unless prohibited by law. 4. Gallagher Companies may also access or have an ownership interest in other facilities , including wholesalers . reinsurance intermediaries , captive managers . underwriting managers and others that act as intermediaries for both Gallagher and other brokers in the insurance marketplace some of which may earn and retain customary brokerage commission and fees for their work . If you have specific questions about any compensation received by Gallagher and its affiliates in relation to your insurance placements . please contact your Gallagher representative for more details . TRIA/TRIPRA Disclaimer If this proposal contains options to purchase TRIA/TRIPRA coverage , the proposed TRIA/TRIPRA program may not cover all terrorism losses . While the amendments to TRIA eliminated the distinction between foreign and domestic acts of terrorism , a number of lines of coverage excluded under the amendments passed in 2005 remain excluded including commercial automobile, burglary and theft insurance : surety insurance . farm owners multiple perils and professional liability ( although directors and officers liability is specifically included ) . If such excluded coverages are required , we recommend that you consider purchasing a separate terrorism policy. Please note that a separate terrorism policy for these excluded coverages may be necessary to satisfy loan covenants or other contractual obligations . TRIPRA includes a $ 100 billion cap on insurers' aggregate liability. TRIPRA is set to expire on December 31 , 2027. There is no certainty of extension , thus the coverage provided by your insurers may or may not extend beyond December 31 . 2027 . In the event you have loan covenants or other contractual obligations requiring that TRIA/TRIPRA be maintained throughout the duration of your policy period . we recommend that a separate ""Stand Alone"" terrorism policy be purchased to satisfy those obligations . Property Estimator Disclaimer These property values were obtained using a desktop Property Estimator software operated by non-appraisal professionals . These property values represent general estimates which are not to be considered a certified appraisal . These property values include generalities and assumptions that may produce inaccurate values for specific structures . Terms and Conditions 7 Gall - Jher Insurance Risk Management ! Consulting Weld County Retirement Plan It is important that we clearly outline the nature of our mutual relationship. The following terms and conditions (these "Terms" ) govern your relationship with Gallagher unless you have separately entered into a written services agreement with Gallagher relative to the policies and services outlined in this Proposal . in which case that services agreement will govern and control with respect to any conflicts with these Terms . These Terms will become effective upon your execution of the Client Authorization to Bind Coverage (the `' CAB" ) included in this Proposal and shall survive for the duration of your relationship with Gallagher relative to the policies placed pursuant to the CAB or otherwise at your request. Services Gallagher will represent and assist you in all discussions and transactions with insurance companies relating to the lines of insurance coverage set forth in the CAB and any other lines of insurance coverage with which you request Gallagher' s assistance . Gallagher will consult with you regarding any matters involving these or other coverages for which you have engaged Gallagher. You have the sole discretion for approving any insurance policies placed , as well as all other material decisions involving your risk management. risk transfer and/or loss prevention needs . Although you are responsible for notifying applicable insurance companies directly in connection with any claims . demands . suits . notices of potential claims or any other matters as required by the terms and conditions of your policies . Gallagher will assist you in determining applicable claim reporting requirements . Treatment of Information Gallagher understands the need to protect the confidentiality and security of your confidential and sensitive information and strives to comply with applicable data privacy and security laws . Your confidential and sensitive information will be protected by Gallagher and only used to perform services for you ; provided that Gallagher may disclose and transfer your information to our affiliates . agents or vendors that have a need to know such information in connection with the provision of such services ( including insurance markets . as necessary . for marketing . quoting . placing and/or servicing insurance coverages ) . We may also disclose such information as required by applicable data protection laws or the order of any court or tribunal , subject to our providing you with prior notice as permitted by law. We will ( i) implement appropriate administrative , physical and technical safeguards to protect personal information ; (ii) timely report security incidents involving personal information to affected parties and/or regulatory bodies : (iii ) create and maintain required policies and procedures ; and (iv) comply with data subjects ' rights , as applicable. To the extent applicable under associated data protection laws . you are a "business" or " controller" and Gallagher is a "service provider" or "data processor. " You will ensure that any information provided to Gallagher has been provided with any required notices and that you have obtained all required consents . if any and where required . or are otherwise authorized to transfer all information to Gallagher and enable Gallagher to process the information for the purposes described in this Proposal and as set forth in Gallaher's Privacy Policy located at https : //www. ajg . com/privacy-policy/. Gallagher may update its Privacy Policy from time to time and any updates will be posted to such site . Dispute Resolution Gallagher does not expect that it will ever have a formal dispute with any of its clients . However. in the event that one should arise . we should each strive to achieve a fair. expedient and efficient resolution and we 'd like to clearly outline the resolution process . A. If the parties have a dispute regarding Gallagher' s services or the relationship governed by this Proposal (' Dispute" ) . each party agrees to resolve that Dispute by mediation . If mediation fails to resolve the Dispute . you and Gallagher agree to binding arbitration . Each party waives all rights to commence litigation in court to resolve a Dispute . and specifically waives all rights to pursue relief by class action or mass action in court or through arbitration . However. the parties do not waive the ability to seek a court order of injunction in aid of the mediation and arbitration required by these Terms . B . The party asserting a Dispute must provide a written notice ( " Notice") of the claim to the other party and to the American Arbitration Association ("AAA" ) in accordance with its Commercial Arbitration Rules and Mediation Procedures . All Dispute resolutions will take place in Chicago . IL. unless you and Gallagher agree to another location . The parties will equally divide all costs of the mediation and arbitration proceedings and will each pay their own attorneys' fees . All matters will be before a neutral , impartial and disinterested mediator or arbitrator(s ) that have at least 20 years' experience in commercial and insurance coverage disputes . C. Mediation will occur within sixty ( 60) days of filing the Notice with the AAA. Mediation results will be reduced to a memorandum of understanding signed by you . Gallagher and the mediator. A Dispute that is not resolved in mediation will commence to binding arbitration . For Disputes in excess of $500. 000 . either party may elect to have the Dispute heard by a panel of three (3 ) arbitrators . The award of the arbitrator(s ) must be accompanied by a reasoned opinion _ . _ 8 . Ga11 • • her Insurance ( Risk Management j Consulting I - Weld County Retirement Plan prepared and signed by the arbitrator(s) . Except as may be required by law . neither you . Gallagher, nor a mediator or arbitrator may disclose the existence , content or results of any Dispute or its dispute resolution proceeding without the prior written consent of both you and Gallagher. Electronic Delivery In lieu of receiving documents in paper format. you agree , to the fullest extent permitted by law. to accept electronic delivery of any documents that Gallagher may be required to deliver to you ( including , but not limited to . insurance policies and endorsements , account statements and all other agreements , forms and communications ) in connection with services provided by Gallagher. Electronic delivery of a document to you may be made via electronic mail or by other electronic means . including posting documents to a secure website . Miscellaneous Terms Gallagher is engaged to perform services as an independent contractor and not as your employee or agent, and Gallagher will not be operating in a fiduciary capacity. Where applicable , insurance coverage placements and other services may require the payment of federal excise taxes . surplus lines taxes . stamping or other fees to the Internal Revenue Service . various State(s) departments of revenue . state regulators . boards or associations . In such cases , you will be responsible for the payment of the taxes and/or fees . which Gallagher will separately identify on related invoices . The Proposal and these Terms are governed by the laws of the State of Illinois . without regard to its conflict of law rules . If an arbitrator/court of competent jurisdiction determines that any provision of these Terms is void or unenforceable, that provision will be severed , and the arbitrator/court will replace it with a valid and enforceable provision that most closely approximates the original intent. and the remainder of these Terms will remain in effect. Except to the extent in conflict with a services agreement that you may enter into with Gallagher. these Terms and the remainder of the Proposal constitute the entire agreement between you and Gallagher with respect to the subject matter of the Proposal , and supersede all prior negotiations , agreements and understandings as to such matters . 9 F tallagher Insurance I Risk Management I Consulting Weld County Retirement Plan Bindable Quotations & Compensation Disclosure Schedule Client Name : Weld County Retirement Plan Gallagher U .S . Wholesaler, MGA, Owned Est. Annual Comm. % Coverage Insurance Company or Intermediary Premium ' or Fees Wholesaler, MGA, Name or Intermediary % and/or Fee Travelers Casualty and Fiduciary Liability Surety Company of N /A $ 10 . 070 . 00 16 . 50% N /A America 1 We were able to obtain more advantageous terms and conditions for you through an intermediary/ wholesaler. 2 If the premium is shown as an indication: The premium indicated is an estimate provided by the market . The actual premium and acceptance of the coverage requested will be determined by the market after a thorough review of the completed application. * A verbal quotation was received from this carrier. We are awaiting a quotation in writing . 3 The commission rate is a percentage of annual premium excluding taxes & fees . * Gallagher is receiving % commission on this policy. The fee due Gallagher will be reduced by the amount of the commissions received . 10 Gallagher Insurance I Risk Management 1 Consulting Weld County Retirement Plan Client Authorization to Bind Coverage After careful consideration of Gallagher's proposal dated 08/15/2023 . we accept the following coverage (s ) . Please check the desired coverage( s ) and note any coverage amendments below: Coverage/Carrier TRIA • Description/Major Different' - - Fiduciary Liability $ 10 , 070. 00 El Accept ❑ Reject Travelers Casualty and Surety El Accept El Reject TRIA : Included Company of America *For this coverage , TRIA cannot be rejected Additional Recommended Coverages Gallagher recommends that you purchase the following additional coverages for which you have exposure . By checking the box(es ) below, you are requesting that Gallagher provide you with a Proposal for this coverage . By not requesting a Proposal for this coverage . you assume the risk of any uncovered loss . D Cyber Liability LI Flood The above coverage (s ) does not necessarily represent the entirety of available insurance products . If you are interested in pursuing additional coverages other than those listed in the Additional Recommended Coverages , please list below: Other Services to Consider 11 Yes H No - CORE360TM STEP ❑ Yes D No — eRiskHub f Coverage Amendments and Notes : Exposures and Values You confirm the payroll , values , schedules , and any other information pertaining to your operations , and submitted to the underwriters , were compiled from information provided by you . If no updates were provided to Gallagher. the values . exposures and operations used were based on the expiring policies . You acknowledge it is your responsibility to notify Gallagher of any material change in your operations or exposures . 11 `1 Gallagher Insurance I Risk Management I Consulting Weld County Retirement Plan Additional Terms and Disclosures Gallagher is not an expert in all aspects of your business . Gallagher' s Proposals for insurance are based upon the information concerning your business that was provided to Gallagher by you . Gallagher expects the information you provide is true , correct and complete in all material respects . Gallagher assumes no responsibility to independently investigate the risks that may be facing your business , but rather have relied upon the information you provide to Gallagher in making our insurance Proposals . Gallagher' s liability to you arising from any of Gallagher' s acts or omissions will not exceed $20 million in the aggregate . The parties each will only be liable for actual damages incurred by the other party , and will not be liable for any indirect : special . exemplary . consequential , reliance or punitive damages . No claim or cause of action , regardless of form (tort, contract, statutory . or otherwise ) , arising out of, relating to or in any way connected with the Proposal , any of Gallagher' s services or your relationship with Gallagher may be brought by either party any later than two (2 ) years after the accrual of the claim or cause of action . Gallagher has established security controls to protect Client confidential information from unauthorized use or disclosure . For additional information , please review Gallagher' s Privacy Policy located at https : //www. ajg . com/privacy-policy/. You have read , understand and agree that the information contained in the Proposal and all documents attached to and incorporated into the Proposal , is correct and has been disclosed to you prior to authorizing Gallagher to bind coverage and/or provide services to you . By signing below, or authorizing Gallagher to bind your insurance coverage through email when allowed . you acknowledge you have reviewed and agree with terms , conditions and disclosures contained in the Proposal . By : Mike Freeman , Chair , Board of Weld County Commissioners Print Name (Specify Title) Weld County Government Company irivaigt.. Signature AUG 2 4 2023 Date : 12 .H Gallagher ._ __ . _ . ._ :i Insurance i Risk Management I Consulting _ - J - . . . Esther Gesick From: Michelle Raimer Sent: Wednesday,August 23,2023 6 12 PM To: Esther Gesick - Cc: Staci Datten Frey,Jill Scott Subject: FW Another item for ONBASE Attachments: 8 22 23 WC Retirement Plan Fiduciary Quote-Renewal pdf,23-24 Weld County Retirement Plan_Fiduciary Liability_Quote Letter pdf, WELD_COUNTY_RETIREMENT_PLAN_106796588_O0OTE pdf Hello Esther Staci is working on renewing the Retirement Fiduciary insurance coverage These documents should go the Finance- insurance Only database as the Fiduciary renewals were administrated by Don Warden in the past similar to all other insurance renewals We will be accepting the coverage with the indicated carrier,Travelers Casualty and Surety Company of America as well as accepting the TRIA premium$10,070 as the broker has recommended on page 11 of the pdf titled Retirement Plan Fiduciary Liability Quote Letter Can you help us obtain the BOCC Chair's signature on page 12 of this quote letter?Once signed,Staci can return to the broker per instructions Staci will be here until 1 00 tomorrow Might you be able to get the BOCC signed document to Staci by then?Sorry I'm not available to help get the signature but I'm out tomorrow at a conference in Denver Thanks so much for your helps Wliche//B 4II4er Deputy Director Human Resources P O Box 758 Greeley CO 80632 tel 970-400-4233 cell 970-302-2423 fax 970-400-4024 Weld County Human Resources is a strategic business partner dedicated to enhancing the employee experience,collaborating with individual departments, and supporting the values and goals of Weld County Government. «OLE Object Picture(Device Independent Bitmap)» Confidentiality Notice This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged,confidential or otherwise protected from disclosure If you have received this communication in error,please immediately notify sender by return e-mail and destroy the communication Any disclosure,copying,distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited From.Staci Datten Frey<sfrey@weld gov> Sent Wednesday,August 23,2023 3 10 PM 1 To.Michelle Reimer<mraimer@weld gov> Subject Another item for ONBASE Hey Michelle—Thank you in advance Will you please put these items on ONBase so they can work through the que?Appreciate al Stacy]Datteri-Frey,MPH,GBA Benefits Manager Weld County Human Resources 1150 O Street Greeley,CO 80631 tel 970-400-4235 Direct 970-400-4265 Cell 970-381-0937 Fax 970-400-4024 Weld County Human Resources is a strategic business partner dedicated to enhancing the employee experience,collaborating with individual departments,and supporting the values and goals of Weld County Government Vi Si f co-u;s_. Confidentiality Notice This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged,confidential or otherwise protected from disclosure If you have received this communication in error,please immediately notify sender by return e-mail and destroy the communication Any disclosure,copying,distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited 2 Hello