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 $3,423,716 for the policy period of May 1, 2025 to May 1, 2026 (Funding Source: Insurance Fund)
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.
The property insurance market has stabilized because of more carriers coming into the property space and increased capacity, which will result in a property insurance premium decrease of at least 9%. Gallagher will continue to market the City’s property program to realize additional premium savings until the program is bound in April for the policy period of May 1, 2025 through May 1, 2026.
The general terms and conditions for all other coverage options remain largely consistent with last year, featuring only a few minor adjustments in terms and premium rates.
The total cost to renew the various insurance policies based on the City’s current property schedule will be at least $137,000 less than the cost of these policies in the prior year for an amount not to exceed $3,423,716.
Recommended Action
Approval