Title
A Resolution 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, workers compensation, other ancillary lines of insurance coverage and insurance broker fees through Arthur J. Gallagher Risk Management Services, Inc., in the amount of $ 2,020,890, for the policy period of May 1, 2016 to May 1, 2017.
Body
The City entered into a three year contract with two, two year renewal options effective on February 25, 2016 for Risk Management and Insurance Brokerage Services to continue with Arthur J. Gallagher Risk Management Services, Inc. after the City advertised RFP 2015.09.11- Risk Management & Insurance Brokerage Services for the Property and Casualty Lines of Insurance Coverage. This RFP created a controlled platform for the City to obtain competitive bids on insurance broker service fees and competitive quotations on insurance policies (net of commissions) through a market assignment process. The following is a summary description indicating insurance policies and premiums:
Description of the Insurance Policy, Surcharge or Fee Premiums/Fees for the May 1, 2015 to May 1, 2016 Premiums/Fees for the May 1, 2016 to May 1, 2017
Primary Property Policy $ 750,000 $726,000
Excess Workers Comp 188,205 $184,643
Property 1,000,435 $882,200
Boiler & Machinery 9,628 $9,578
ADD Business Travel 360 $360
ADD Police and Fire 12,338 $12,338
Bond Finance Director 1,750 $1,750
Storage Tank 1,757 $2,375
Excess Crime 4,518 $4,942
Sports Liability 21,504 $22,639
ADD Sports 16,161 $16,716
Cyber Liability 37,333 $37,333
Total without surcharges $ 2,043,989 $1,900,874
FCHFEA (1.3%) State of Florida N/A
Citizens (1%) State of Florida 10,004.35
EMPA - State of Florida 20 $16
Other Surcharges
Total after surcharges $ 2,054,013.35 $1,900,890
Insurance Brokerage Fee (Gallagher) $ ...
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