Title
A Resolution authorizing the renewal of the property and casualty insurance program which includes, but is not limited to, property insurance, general liability, automobile liability, public officials errors & omissions, excess workers’ compensation, crime liability, cyber liability, terrorism property & liability, 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 $ 2,008,992 for the policy period of May 1, 2017 to May 1, 2018. (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 City Commission named Gallagher as the City’s Agent of Record awarding Gallagher bid number RFP 2015.09.11- Risk Management & Insurance Brokerage Services for the Property and Casualty Lines of Insurance Coverage.
As shown below, a number of the coverage limits for certain lines of insurance have been increased and new terrorism liability and property lines of insurance have been added. The total cost to renew the various insurance policies with the expanded coverage and the new lines of insurance is approximately $10,000 more than the cost of these policies in the prior year for an amount not to exceed $2,008,992.
The following is a summary description indicating insurance policies and premiums:
Description of the Insurance Policy, Surcharge or Fee
Premiums/Fees May 1, 2016 to May 1, 2017
Premiums/Fees May 1, 2017 to May 1, 2018
Primary Property Policy
$726,000
$580,000
Excess Workers Comp
$184,643
$194,100
Property (increased limits for a named windstorm from $25 million to $50 million for 2017-2018)
$882,200
$987,906
Boiler & Machinery
$9,578
$9668
ADD Business Travel
$360
$360
A...
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