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TO: Mayor Richard C. Irvin
FROM: Alex A. Alexandrou - Chief Management Officer
Deborah A. Lang - Assistant Corporation Counsel III
Jennifer G. Jordan - Risk Management Paralegal
DATE: December 5, 2023
SUBJECT:
A Resolution Authorizing Purchase of Property/Boiler Machinery, Fine Arts, Cyber and Excess Cyber Liability, Crime, Special Events Liability, Drone Liability, General Liability/Law Enforcement/Auto Liability, Excess Liability, Excess Workers Compensation, and Liquor Liability insurance policies for the period of December 31, 2023 through December 31, 2024.
PURPOSE:
To obtain approval of the proposal from broker HUB International Midwest Limited for Property/Boiler Machinery insurance from Chubb Insurance Company, Fine Arts Insurance from Hanover Insurance Company, Cyber Liability Insurance from AIG, Excess Cyber from Coalition, Crime Insurance from Travelers, Special Events Liability from Cincinnati Specialty, Drone Liability from (AAIC) American Alternative Insurance Company, Excess General Liability/Law Enforcement/Auto Liability Insurance from Safety National, Homesite, Kinsale, HDI Global, Allied World, Starstone, and Great American Insurance Company, Excess Workers Compensation insurance from Safety National Casualty Insurance, and Liquor Liability insurance from Lloyds of London for the period of December 31, 2023 through December 31, 2024.
BACKGROUND:
The City has historically maintained these types of insurance coverages as part of its overall insurance and risk management program totaling $35M in overall excess liability coverage including self-insured retention level of $2M. 2022-2023 total program cost, including broker service fee, was $2,183,869.00.
DISCUSSION:
Our authorized broker HUB International reviewed our existing program and solicited additional market bids beyond renewal of the existing program. Despite extensive efforts by HUB, certain market conditions in the Property, General and Excess General Liability insuranc...
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