City of Coral Gables

File #: 17-5922    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 3/15/2017 In control: City Commission
On agenda: 3/28/2017 Final action: 3/28/2017
Enactment date: 3/28/2017 Enactment #: 2017-71
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)
Attachments: 1. Signed Resolution 2017-71, 2. Cover Sheet 2017 - 18 (2) R.E. 3.14.17 DR 3.15.17 3.16.17, 3. 2017-2018 Property Insurance RESOLUTION R.E. 3.14.17 DR 3.15.17, 4. Siver Recommendation Letter, 5. Executive Summary 2017 Revised 3.15.17, 6. Insurance Advisory Committee minutes RE 3.7.pdf, 7. Insurance Advisory Committee minutes 3.10.17 v2, 8. CCMtg March 28 2017 - Agenda Item H-6 - Resolution authorizing renewal of property and casualty insurance program
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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