Finance Committee Meeting
June 5, 2023
4:00 p.m.
This meeting will be held in person at 2150 River Plaza Drive, Suite 460, Sacramento, CA 95833.
Meeting facilities are accessible to persons with disabilities. If you require special assistance to participate in the meeting, notify the Conservancy’s office at (916) 649-3331 at least 48 hours prior to the meeting.
1. Call to Order of the Meeting of the Finance Committee
The Committee Chair will call the meeting to order if a quorum is present. Announcements may be made at this time.
2. Public Comments
Opportunity for members of the public to address the committee.
3. Approval of the minutes
The Committee Chair will request approval of the minutes of the January 31, 2023, Finance Committee meeting.
Download the Conservancy’s signed January 31, 2023 Finance Committee meeting minutes. (PDF, 2 MB)
4. Insurance review
Staff will review the Conservancy’s insurance policies that are set to renew on July 1, 2023. The Conservancy presently holds the following policies: auto, crime, cyber, directors and officers (D&O), employee benefits liability, employee practices liability (EPL), flood, general liability, inland marine, pollution, property, workers’ compensation, and umbrella (also known as excess).
The Conservancy has an umbrella policy that covers: auto, employee benefits liability, general liability, and workers’ compensation, with a limit of $7 million. Those underlying policies have a $1 million limit. Given the Conservancy’s growth in the past several years, management is recommending adding a second umbrella of $2 million, with an additional annual premium for the second umbrella of $2,246.00.
The Conservancy’s D&O policy limit is $7 million, with $1 million for defense costs. The D&O is not covered by the above listed umbrella policy. Given the Conservancy’s growth in the past several years, management is recommending adding an umbrella policy on top of the current D&O limits of $2 million, with an additional annual premium for the D&O umbrella of $4,031.00.
This item requests the Finance Committee recommend to the Board of Directors approval of: 1) renewing the above-listed insurance policies, 2) adding a D&O umbrella with a $2 million limit and an additional annual premium of $4,031.00, and 3) adding a second umbrella for auto, employee benefits liability, general liability, and workers’ compensation with a $2 million limit and an additional annual premium of $2,246.00.
5. Adjournment
Official adjournment of the meeting.