Report to Mayor and City Council
Tuesday, July 18, 2017
Consent
SUBJECT:
Title
CONSIDER RENEWAL OF EXCESS WORKERS' COMPENSATION, CRIME, VOLUNTEER AND PROPERTY INSURANCE FOR FY 2017/18 (CITY COUNCIL)
Body
I. SUMMARY
Presented for City Council's consideration is the annual renewal of the following insurance policies: 1) Excess Workers' Compensation Insurance; 2) Property Insurance; 3) Volunteer Insurance, 4) Crime Insurance, 5) Cyber Liability Insurance, and 6) Pollution Insurance. These insurance renewals and new insurance policies are for FY 2017/18. In addition, Staff recommends that the City Council approve the insurance broker's annual Flat-Rate fee and the general liability insurance extension premium. The annual FY 2017/18 insurance cost is $304,982.00 for these policies that reflect insurance purchases, the insurance annual broker's fee and the general liability insurance policy extension. This represents an increase of $10,106.00 from FY 2016/17 insurance cost of $294,876.00 while providing better insurance coverage and policy limits.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE Alliant's annual Flat-Rate fee for FY 2017/18 at an overall cost of $49,500.00.
2. APPROVE Arch Insurance Company to provide coverage for the city's Excess Workers' Compensation Insurance for FY 2017/18, at an overall cost of $121,600.00.
3. APPROVE Alliant Property Insurance Program ("APIP") to provide coverage for the city's Property Insurance, including terrorism, cyber (new) and pollution (new) coverage for FY 2017/18, at an overall cost of $62,267.15.
4. APPROVE The Hartford Company to provide coverage for the city's volunteers for FY 2017/18, at an overall cost of $289.00.
5. APPROVE Alliant Crime Insurance Program via National Union Fire Insurance Company of Pittsburgh, PA (AIG) to provide Crime coverage for FY 2017/18 at an overall cost of $3,225.00.
6. APPROVE the premium to extend the general liability policy to August 31, 2017 at...
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