Report to Mayor and City Council
Tuesday, June 21, 2016
Consent
SUBJECT:
Title
CONSIDER RENEWAL OF COMMERICAL GENERAL LIABILITY, EXCESS WORKER'S COMPENSATION, CRIME, VOLUNTEER AND PROPERTY INSURANCE POLICIES FOR FY 2016/17 (CITY COUNCIL)
Body
I. SUMMARY
Presented for Council's consideration is the annual renewal of the following insurance policies: 1) Commercial General Liability Insurance [Municipal General, Public Officials Errors and Omissions, and Automobile Liability]; 2) Excess Workers' Compensation Insurance; 3) Property Insurance; 4) Volunteer Insurance and 5) Crime Insurance. These renewals are for FY 2016/17. The overall annual insurance cost total is $663,858.00 reflects an increase of $261,898.00 from FY 2015/16 insurance cost of $401,960.00, while providing the same level of coverage.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE Great American Insurance Group to provide $10 million primary coverage, including terrorism, for the city's Commercial General Liability Insurance for Municipal General, Public Officials Errors and Omissions, and Automobile Liability for FY 2016/17, at an overall cost of $495,920.00.
2. APPROVE Arch Insurance Company and Great American Insurance Group to provide coverage for the city's Excess Workers' Compensation Insurance for FY 2016/17, at an overall cost of $91,190.00.
3. APPROVE Affiliated FM Insurance Company to provide coverage for the city's Property Insurance, including terrorism, for FY 2016/17, at an overall cost of $70,857.00.
4. APPROVE The Hartford Company to provide coverage for the city's volunteers for FY 2016/17, at an overall cost of $340.00.
5. APPROVE Zurich American Insurance Company to provide Crime coverage for FY 2016/17 at an overall cost of $5,551.
Body
III. ALTERNATIVES
1. DO NOT APPROVE the policies. However, if Council chooses not to approve, critical insurance coverage will expire and the city will have 100% exposure for liability claims, injuries ar...
Click here for full text