Report to Mayor and City Council
Tuesday, June 06, 2017
Consent
SUBJECT:
Title
AWARD OF INSURANCE BROKER OF RECORD CONTRACT TO ALLIANT FOR FY 17/18, FY 18/19 AND FY 19/20 (CITY COUNCIL)
Body
I. SUMMARY
The City is self-insured and utilizes a professional insurance brokerage firm to provide loss control, risk management services as well as access the insurance market to procure insurance coverage. The current insurance broker is in the third year and final year of the contract which ends on June 30, 2017. The City decided to test the market for an insurance brokerage firm. Risk Management issued Request for Proposals ("RFP") on March 2, 2017.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. AWARD a three-year contract for insurance broker services with two one-year City renewal options to Alliant starting on July 1, 2017 to June 30, 2020, and should the City decide to exercise both of its one-year options, this agreement has the potential of reaching June 30, 2022.
2. AUTHORIZE the Mayor to execute the contract following approval as to form by the City Attorney.
Body
III. ALTERNATIVES
1SELECT another firm as the City's insurance broker.
2. REJECT the proposals and DIRECT staff to reissue the RFP.
3.TAKE another action the City Council deems appropriate.
IV. BACKGROUND
The City is self-insured for its risk management programs, such as general liability, property, crime and workers' compensation. In order to protect the assets of the City from potential loss, the City purchases various lines of insurance coverage, including general liability, auto liability, property, crime and excess workers' compensation.
The City contracts with a professional insurance brokerage firm to serve as the City's broker of record. This is important for three reasons: 1) it ensures that the City has access to the broadest range of high quality insurance products at the most competitive prices, 2) it provides the City with access to insurance market...
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