Report to Mayor and City Council
Tuesday, June 04, 2024
Consent
SUBJECT:
Title
CONSIDER RENEWAL OF EXCESS LIABILITY, EXCESS WORKERS COMPENSATION, ALL-RISK PROPERTY, AUTO PHYSICAL DAMAGE, INLAND MARINE EQUIPMENT INSURANCE, EARTHQUAKE, CYBER LIABILITY, VOLUNTEER ACCIDENT, DRONE INSURANCE, CRIME INSURANCE, STORAGE TANK LIABILITY AND FIDUCIARY LIABILITY INSURANCE FOR FY 2024/25 (CITY COUNCIL)
Body
I. SUMMARY
Presented for City Council's consideration is the annual renewal of the following insurance policies: 1) Excess Liability; 2) Excess Workers' Compensation; 3) Property Insurance; 4) Auto Physical Damage; 5) Earthquake, 6) Cyber Liability; 7) Volunteer Accident Insurance; 8) Drone Insurance; 9) Crime Insurance; 10) Storage Tank Liability; 11) Fiduciary Liability; and 12) Equipment Insurance; for FY 2024/25 at an overall cost of NOT-TO-EXCEED $2,201,808.
The estimated year-over-year increase of $720,174 includes: $492,745 increase in general liability, $120,679 increase in workers compensation, and $65,366 increase in property insurance premiums. These policies/premiums are the most competitive options available for the City.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE PRISM's GL1 Program to provide coverage for the City's Excess Liability Insurance for FY 2024/25, at an overall not-to-exceed cost of $1,495,000.
2. APPROVE PRISM to provide coverage for the City's Excess Workers' Compensation Insurance for FY 2024/25, at an overall not-to-exceed cost of $252,000, PLUS estimated FY 2023/24 audit premium of $27,000.
3. APPROVE the City's insurance broker, Alliant Insurance Services, to place all risk property insurance through the Alliant Property Insurance Program ("APIP"), including terrorism, flood, and pollution, for FY 2024/25, at an overall not-to -exceed cost of $347,000.
4. APPROVE the City's insurance broker, Alliant Insurance Services, to place physical damage Insurance for City's automobiles with Alliant Mobile ...
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