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, excess workers’ compensation, crime, cyber liability, terrorism property and liability, pollution liability, active assailant, 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 $ 2,202,620 for the policy period of May 1, 2019 to April 30, 2020 (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.
The City’s property insurance program premium increased by 3%, which was attributable to a 7% rate increase as market conditions adjusted due to the number of natural disasters
nationwide and the City’s insurable values decreasing by 5%. The City’s general liability and workers’ compensation insurance carrier (BRIT) reduced its premium by $7,000, offered
a rate guarantee for next year and will provide the City $6,000 for loss control and the City’s excess workers’ compensation insurance carrier (Midlands) offered a 2% insurance premium
reduction. The City obtained a quote for terrorism liability and terrorism property from Roanoke at a lower cost with a lower deductible than the incumbent carrier and added active assailant
coverage with the same carrier for an additional total premium for all three coverages of$2682. The City also added two properties to its flood insurance coverage, which are in a
special flood h...
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