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TO: Mayor Richard C. Irvin
FROM: Alex Alexandrou, Chief Management Officer
DATE: December 7, 2018
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, 2018 through December 31, 2019
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, 2018 through December 31, 2019.
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 2018 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 Hanover Insurance.
DISCUSSION:
Our authorized broker Hub International reviewed our existing program and solicited additional market bids beyond renewal of the existing program. As a result, all of the incumbent carriers are recommended for renewal. All policies will be at the same levels of deductibles and coverage limits as 2018 with the exc...
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