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TO: Mayor Richard C. Irvin
FROM: Alex A. Alexandrou - Chief Management Officer
Deborah A. Lang - Assistant Corporation Counsel III
Paola Hayes, Risk Management Administrative Assistant
DATE: December 17, 2024
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, and Liquor Liability insurance policies for the period of December 31, 2024, through December 31, 2025.
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 National Specialty Insurance Company, UAL Drone Liability from (AAIC) American Alternative Insurance Company, General Liability/Law Enforcement/Auto Liability Insurance from Safety National, Excess General Liability/Law Enforcement/Auto Liability "towers" from Arch, HDI Global, Allied World, Starstone, and Great American Insurance Company, Excess Workers Compensation insurance from Safety National Casualty Insurance, and Liquor Liability insurance from National Specialty for the period of December 31, 2024 through December 31, 2025.
BACKGROUND:
The City has historically maintained these types of insurance coverages as part of its overall insurance and risk management program totaling $35M in overall excess liability coverage including self-insured retention level of $2M. 2022-2023 total program cost, including broker service fee, was $2,183,869.00. Last year's (2023-2024) total program cost, including broker service fee was $2,526,931.00.
DISCUSSION:
Our authorized broker HUB International reviewed our existing program and solicited additional ...
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