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TO: Mayor Richard C. Irvin
FROM: Alex Alexandrou, Chief Management Officer
DATE: December 6, 2017
SUBJECT:
A Resolution Authorizing Purchase of Property/Boiler Machinery, Inland Marine, Employee Dishonesty/Crime, Excess Workers Compensation, Cyber Liability, Excess General Liability/Law Enforcement Insurance and Fine Arts Insurance for the Period of December 31, 2017 through December 31, 2018
PURPOSE:
To obtain approval of the proposal from broker Hub International Midwest Limited for Property/Boiler Machinery and Inland Marine insurance from Chubb Insurance Company, Excess Workers Compensation insurance from Safety National Casualty Insurance, Employee Dishonesty/Crime insurance from Travelers, Excess General Liability/Law Enforcement Insurance from Allied World National Assurance Company, StarStone National Insurance Company and Endurance American Insurance Company, Cyber Liability Insurance from AIG and Fine Arts Insurance from Hanover Insurance Company for the period of December 31, 2017 through December 31, 2018.
BACKGROUND:
The City maintains these types of insurance coverages as part of its overall insurance and risk management program including self-insured retention levels. For 2017 the City purchased Property/Boiler Machinery and Inland Marine from Chubb, Employee Dishonesty/Crime coverage from Travelers, Excess Workers Compensation Insurance from Safety National, Excess General Liability/Law Enforcement Insurance from Allied World National Assurance Company, StarStone National Insurance Company and Endurance American Insurance Company, Cyber Liability Insurance from AIG and Fine Arts coverage from Travelers.
DISCUSSION:
After review of our current self-insured program, the decision was made to consolidate all of our insurance coverages through one broker rather than two brokers. After reviewing the insurance marketplace and discussing various broker options, Hub International Midwest Limited was selected. Hub reviewed our existing progr...
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