Title
A Resolution of the City Commission 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 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 $2,967,592 for the policy period of May 1, 2021 to May 1, 2022 (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 2019-041 Risk Management & Insurance Brokerage Services for the Property and Casualty Lines of Insurance Coverage.
In addition to seeking quotes from various insurance carriers in the open market, Gallagher also obtained a quote from Florida Municipal Insurance Trust (FMIT) as a possible option to insure the City’s Package, Excess Workers Compensation and Property Programs. FMIT is a self-insurance trust fund that is administered by the Florida League of Cities. FMIT’s quote for the property coverage was $1,616,544, which is $21,491 less than the quote received from the open market for the City’s current property program structure. FMIT’s quote for property, the package and the excess workers’ compensation programs was $144,385 less than the quote received from the open market for the City’s current program structure if the City stays with its incumbent carrier for the package coverage.
The City conducted a detailed analysis of the two (2) insurance programs (FMIT and the City’s current program struct...
Click here for full text