|
|
File #:
|
16-4980
Version:
1
|
Name:
|
|
|
Type:
|
Resolution
|
Status:
|
Adopted
|
|
On agenda:
|
4/12/2016
|
Final action:
|
4/12/2016
|
|
Enactment date:
|
4/12/2016
|
Enactment #:
|
2016-91
|
|
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.
|
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) |
$ 120,000 |
$120,000 |
|
Total Cost |
$ 2,174,013.35 |
$2,020,890 |
A meeting of the Insurance Advisory Committee took place on March 8, 2016 to hear a presentation by Arthur J. Gallagher Risk Management Services, Inc., our insurance broker, regarding the renewal of the City’s Property & Casualty Insurance Program. Siver Insurance Consultants, our independent insurance consultant, participated in this meeting. The Insurance Advisory Committee recommended approval of the renewal and George Erickson from Siver Insurance Consultants, recommends approval as well of the insurance policies listed above.
FINANCIAL INFORMATION: (If Applicable)
|
|
Amount |
Account No. |
Source of Funds |
|
|
$ 2,020,890 |
540-000-590-4550 |
Insurance Fund |
|
Total: |
|
APPROVED BY: |
APPROVED BY:
|
Department Director |
City Attorney (If Applicable) |
City Manager |
|
|
|
|
|