City of Coral Gables - File #: 22-3943

• File #: 22-3943
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 4/1/2022
• In control: City Commission
• On agenda: 4/26/2022
• Final action: 4/26/2022
• Enactment date: 4/26/2022
• Enactment #: 2022-108
• Title: A Resolution of the City Commission authorizing the renewal of the Property and Casualty Insurance Program which includes, but is not limited to, property, general liability, automobile liability, public officials errors and omissions, excess workers’ compensation, crime liability, cyber liability, terrorism property and liability, pollution liability, deadly weapon protection coverage, flood, as well as other ancillary lines of insurance coverage and insurance broker fees through Arthur J. Gallagher Risk Management Services, Inc., for a not to exceed amount of $3,046,176 for the policy period of May 1, 2022 to May 1, 2023. (Funding Source: Insurance Fund) Lobbyist: N/A

Date	Ver.	Action By	Action	Result
4/26/2022	1	City Commission	adopted by Resolution Number	Pass

Title
A Resolution of the City Commission authorizing the renewal of the Property and Casualty Insurance Program which includes, but is not limited to, property, general liability, automobile liability, public officials errors and omissions, excess workers’ compensation, crime liability, cyber liability, terrorism property and liability, pollution liability, deadly weapon protection coverage, flood, as well as other ancillary lines of insurance coverage and insurance broker fees through Arthur J. Gallagher Risk Management Services, Inc., for a not to exceed amount of $3,046,176 for the policy period of May 1, 2022 to May 1, 2023. (Funding Source: Insurance Fund)
Lobbyist: N/A


Body
The City’s Agent of Record, Arthur J. Gallagher Risk Management Services, Inc. (“Gallagher”), has solicited and received quotes from various insurance carriers for the desired insurance policies shown below.

In addition to seeking quotes from various insurance carriers in the open market, Gallagher also obtained a quote from Florida Municipal Insurance Trust (FMIT) as a possible option to insure the City’s Package, Excess Workers Compensation and Property Programs. FMIT is a self-insurance trust fund that is administered by the Florida League of Cities. The total cost of the program if the City continued with its current insurance program structure in the open market is $3,046,176 and the overall estimated premium for the FMIT proposal is $3,580,190 (FMIT’s estimated premium includes the additional premium if the City were to increase the value of its bridges, docks and seawalls, which is explained in more detail below).

The City conducted a detailed analysis of the two (2) insurance programs (FMIT and the City’s current open market program structure), and after careful consideration is recommending that the City continue with its current insurance program structure in the open market. In addition to the overall lower premium for the City if it remains in the open market, w...