TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Approve Renewal of Property and Casualty, Accidental Death and Dismemberment (AD&D) Insurance With Gehring Group a Risk Strategies Company for Fiscal Year 2023-2024 in the Amount $2,283,189.
Recommended Action
Approve Renewal of Property and Casualty, Accidental Death and Dismemberment (AD&D) Insurance with Gehring Group A Risk Strategies Company for Fiscal Year 2023-2024 in the amount $2,283,189.
Background Information
The Gehring Group provides the City Insurance Broker Services for Property & Casualty Insurance and Risk Management Consulting. The City utilizes three (3) different carriers for the various coverage types. Gehring Group as the selected agent/broker for the City has selected the Property, Casualty and Worker’s Compensation insurance. The Gehring Group has negotiated with the City’s incumbent carriers. Therefore, the insurance proposals for Fiscal Year 2023-2024 have minimal changes in the scope of coverages. The Fiscal Year 2023-2024 overall premium amount has increased in line with the current market post Hurricane Ian, at an average of 56% increase across all lines above Fiscal Year 2022-2023. The premium increase also includes the growth within the City, to include the additional buildings, equipment, vehicles and added positions. The primary reason for the substantial increase is the property renewal, which alone was a 109% increase to the premiums from Fiscal Year 2022-2023.
The Renewal of Property and Casualty, Accidental Death and Dismemberment (AD&D) Insurance with Gehring Group A Risk Strategies Company have been reviewed by the City Attorney and are legally correct as to form.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services
Financial Impact
In Fiscal Year 2023-2024, this program is budgeted in account 530-0900-513-45-00 in the amount of $2,283,189, contingent upon approval of the Fiscal Year 2024 budget.
Procurement
Property and Causality 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:
The Gehring Group Inc.
Gehring Group A Risk Strategies Company
3500 Kyoto Gardens Drive
Palm Beach Gardens, FL 33410
Attachments:
1. Property & Casualty Renewal Evaluation
2. Property & Casualty Renewal Summary
3. AmWins - All Assets Property Quote
4. AmWins Property Tower Terrorism Risk Insurance Act TRIA Disclosures Signature
5. Property, Inland Marine Acords Signature
6. Chubb-Illinois Union - Pollution Legal Liability Renewal Quote
7. Chubb-Illinois Union - Pollution Legal Liability Terrorism Risk Insurance Act (TRIA) Disclosure
8. Preferred Government Insurance Trust - Signature Page
9. Preferred Government Insurance Trust - Renewal Application for Workers’ Compensation and Liability Signature Page
10. Preferred Government Insurance Trust - Self Insured Retention and TPA Information Signature Page
11. Preferred Government Insurance Trust - Uninsured Motorist Form
12. Florida Division of Corporations Document
Prepared by: Sandy Knowles, Risk and Benefits Manager
Department Director: Christine McDade, Human Resources Director