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TO: Mayor Thomas J. Weisner
FROM: Alex G. Alexandrou, Chief Administrative Services Officer
DATE: November 13, 2014
SUBJECT:
A Resolution Authorizing the Purchase of Excess Liability and Cyber Liability Insurance for the Period of December 31, 2014 through December 31, 2015.
PURPOSE:
To obtain approval to renew the purchase of Excess Liability Insurance for the period of December 31, 2014 through December 31, 2015.
BACKGROUND:
The City has had in place $20 million dollars worth of excess liability or umbrella insurance coverage with a $2 million dollar self-insured deductible amount as a major component of its overall self-insurance program for liability claims against the City. Last year, after conducting an RFQ and RFP process, National Casualty, Torus National, and Lexington Companies provided the excess and cyber liability insurance coverage. This expiring program inclusive of the premiums, applicable taxes and brokers fee totaled $196,036.00. Arthur J. Gallagher Risk Management Services was the broker for excess liability and cyber liability insurance.
DISCUSSION:
Attached is the premium summary document of all proposals received from Arthur J Gallagher. The premium summary indicates a flat renewal for 2015 with the same coverages as 2014. There were no excess liability or cyber liability claims reported for 2014. The renewal proposal obtained from broker Arthur J. Gallagher is recommended.
IMPACT STATEMENT:
No impact.
RECOMMENDATIONS:
That the City Council approves the resolution authorizing the purchase of excess liability insurance and cyber liability insurance as proposed by broker Arthur J. Gallagher per the attached summary for a total of $196,240.00.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing the Purchase of Excess Liability ...
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