At Watermark, we are committed to participating in various insurance programs to protect our organization and those we serve. Watermark participates in several different programs, including Professional and General Liability (primarily our resident claims), Workers' Compensation, Auto, Directors and Officers, Employment, and Cyber insurance. Recently, we successfully completed our Cyber and Workers' Compensation Insurance renewals and achieved a 44 percent reduction in our Cyber premiums and a nine percent reduction in Workers' Compensation premiums.
While market factors influencing renewal rates are beyond our control, Watermark takes proactive measures to ensure the best position possible. For our cyber programs, our IT and Risk teams have collaborated closely with our broker over the past two years to enhance our security programs. These efforts include implementing a new HIPAA and security-training program for all email users, conducting quarterly phishing tests, and maintaining the ongoing vigilance and rapid response of our IT team to phishing attempts.
Watermark's Safety Champion program continues to strengthen safety and risk management efforts across Watermark communities. This initiative empowers our teams to actively support safety protocols and drive risk reduction initiatives. Thanks to these efforts and our continued focus on safety, we have seen our composite net rate decrease from .9463 to .8092 per $100 of payroll over the past three years, directly contributing to our favorable premium renewal outcomes.
At the end of September, Watermark finalized the renewal of our Auto program, which has proven to be an intensive and challenging process. Church Mutual, our Auto partner for the past few years, has provided us with competitive pricing but recently decided to exit the market, creating significant obstacles in a difficult auto insurance landscape. Despite this challenge, we successfully collaborated with our Workers’ Compensation carrier to take on the Auto policy. This partnership not only allowed us to maintain competitive pricing but also helped us to secure a lower deductible and better overall terms. Navigating this roadblock was critical, as it prevented a potential threefold increase in our premium for the same coverage we’ve had in recent years.
Watermark has made significant strides in strengthening its safety, risk management, and insurance programs, achieving substantial savings in premiums across several areas. Through initiatives like the Safety Champion program, enhanced cybersecurity measures, and strategic partnerships, we have successfully reduced costs and improved terms, even in challenging markets. These efforts underscore our commitment to proactive risk management and securing the best outcomes for our communities.
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