TO: Mayor Thomas J. Weisner
FROM: Alex G. Alexandrou, Chief Administrative Services Officer
DATE: December 6, 2013
SUBJECT: title
A Resolution Authorizing the Purchase of Excess Liability and Cyber Liability Insurance for the Period of December 31, 2013 through December 31, 2014
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PURPOSE:
To obtain approval to renew the purchase of Excess Liability Insurance for the period of December 31, 2013 through December 31, 2014.
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, Starr Indemnity Insurance Companies provided the excess liability insurance coverage. This expiring program inclusive of the premiums, applicable taxes and brokers fee totaled $161,000.00. Marsh was the broker for excess liability. Cyber Liability insurance was provided by Chubb Insurance through broker Wine Sergi with an expiring premium total of $16,218.
DISCUSSION:
The City retained the services of insurance and risk management consultant Nugent Consulting Group to issue an RFQ in August and subsequent RFP for the City's various lines of insurance coverage. Attached is the summary document of all proposals received from the four brokers selected based on the consultant's recommendation and a spreadsheet with the detailed results of the submitted proposals. Based on the results of the RFP and the best coverage combinations for the City's excess liability and cyber liability needs, the bids proposals obtained from broker Arthur J. Gallagher are 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 and analysis for a total of $196,74...
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