TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Approve Renewal of Property and Casualty and Risk Management Services, and Accidental Death and Dismemberment (AD&D) Insurance with Public Risk Insurance Advisors (PRIA) for Fiscal Year 2020/2021 in the Budgeted Amount $933,947
Recommended Action
Approve Renewal of Property and Casualty and Risk Management Services, and Accidental Death and Dismemberment (AD&D) Insurance with Public Risk Insurance Advisors (PRIA) for Fiscal Year 2020/2021 in the budgeted amount $933,947.
Background Information
On September 11, 2018, pursuant to Request for Proposal (RFP) No. 2018-74, the City Commission awarded Property and Casualty Insurance and Risk Management Services with Public Risk Insurance Advisors (PRIA).
The Broker Term is for a period of three (3) years from October 1, 2018 through and including September 30, 2021, with an option to extend/renew for two (2) additional one (1) year periods. However, the policies must be negotiated and renewed on an annual basis.
On September 10, 2019, the City Commission approved the renewal in the amount of $765,842.
The City intends to renew the current program for the FY 2020/2021 with minimal changes in the scope of coverages. The Fiscal Year 2020/2021 overall premium amount has increased from the Fiscal Year 2019/2020 premium amount. Individual coverage amounts vary due to the difference in the rating variables, such as increased payroll, number of vehicles and equipment, and property values to include the addition of the new wastewater plant.
The Accidental Death & Dismemberment (AD&D) policy is a health product and originates from CHUBB Accident & Health underwritten by ACE American Insurance Company. The policy increased due to the exposure difference of the increased number of first responders.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services.
Financial Impact
The amount of $933,947 budgeted in account 530-0900-513-45-00 for Fiscal Year 2020-2021 for this renewal.
Procurement
Property and Casualty Insurance Coverage and Risk Management Services were procured pursuant to Section 2-405 Competitive Sealed Proposal process of the City of North Port Procurement Code.
Vendor Info:
Risk Management Associates, Inc., dba Public Risk Insurance Advisors (PRIA)
A wholly owned subsidiary of Brown & Brown, Inc.
220 S. Ridgewood Ave., Suite 210
Daytona Beach, FL 32114
Attachments:
1. Premium and Coverage Comparison
2. Master Property Renewal Coverages
3. Utilities Property Renewal Coverages
4. Master Equipment Breakdown Renewal Coverages
5. Preferred Package Renewal Coverages
6. Pollution Liability Renewal Coverages
7. Accidental Death & Dismemberment (AD&D) Renewal Coverages
8. Premium and Coverage Renewal Forms for Signature
Prepared by: Sandy Knowles, Risk and Benefits Manager
Department Director: Christine McDade, Human Resources Director