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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 & Omissions, Excess Workers’ Compensation, Crime Liability, Cyber Liability, Terrorism Property and Liability, Pollution Liability, Active Assailant 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 $ 2,684,109 for the policy period of May 1, 2020 to May 1, 2021. (Funding Source: Insurance Fund)
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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 premium increased by 16% based on the City’s current property schedule. This increase was attributable to a hardening market as a result of the number of natural disasters.
During the new policy period, the City will add three (3) new buildings to the City’s property schedule (Fire Station 2, Trolley Building and Public Safety Building) and remove the existing Public Safety Building.
The additions and deletion will result in an additional increase to the City’s property insurance premium as set forth in the chart below.
The City’s general liability and workers’ compensation insurance premium increased by 21% with claim history and market conditions driving the premium increase. The City obtained a premium reduction of
15% for the City’s excess workers’ compensation program. The City’s cyber liability insurance premium increased by 16%, which was attr...
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