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TO: Mayor Richard C. Irvin
FROM: Alex G. Alexandrou, Chief Management Officer, Mayor's Office
DATE: December 14, 2021
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, Liquor Liability insurance policies for the period of December 31, 2021 through December 31, 2022.
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, E Drone Liability from American Alternative Insurance Company, Excess General Liability/Law Enforcement/Auto Liability Insurance from Safety National, Allied, HDI, Hallmark Insurance Company and Great American Insurance Company, Excess Workers Compensation insurance from Safety National Casualty Insurance, Liquor Liability insurance from Lloyds of London for the period of December 31, 2021 through December 31, 2022.
BACKGROUND:
The City has historically maintained these types of insurance coverages as part of its overall insurance and risk management program including self-insured retention levels. 2020-21 total program cost including broker service fee was $1,152,655.00.
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 General and Excess General Liability and Cyber/Excess Cyber have yielded significantly higher premium cost renewals as indicated on the attached premium summary exhibit. It is imperative the city maintain all of its present coverages ...
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