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 & Dismemberment (AD & D) Insurance With Risk Strategies Company, for Fiscal Year 2025-2026 Through The Gehring Group in the Amount of $2,322,317.
Recommended Action
Option 1: Approve the Renewal of Property and Casualty, Accidental Death & Dismemberment (AD & D) Insurance with Risk Strategies Company, for fiscal year 2025-2026 through, The Gehring Group, in the amount of $2,322,317.
Commission Options
Option 1: Premium renewal $2,322,317.
* Pros: The renewal provides stability by keeping the same coverage limits and ensuring consistent protection for the organization while remaining within the approved budget.
* Cons: The property insurance coverage limits remain at the $20,000,000 blanket limit per occurrence.
Option 2: Premium renewal $2,377,172.
* Pros: This renewal option would provide property insurance coverage limits at the $25,000,000 blanket limit per occurrence.
* Cons: Increased coverage limits will also increase premium at a time when the property insurance market is unstable. This may lead to continued premium escalation and future renewals, creating potential budget challenges.
Background Information
The Gehring Group provides the City's Insurance Broker Services for Property & Casualty Insurance and Risk Management Consulting. The 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 2025-2026 have minimal changes in the scope of coverage. The Fiscal Year 2025-2026 premium renewal includes the growth within the City, to include additional buildings, additional equipment, additional vehicles, and additional positions.
The Renewal of Property and Casualty, Accidental Death & Dismemberment (AD & D) Insurance with Risk Strategies Company, for fiscal year 2025-2026 through, The Gehring Group has been reviewed by the Interim City Attorney and is legally correct as to form.
Strategic Plan Pillar
Financially Responsible City Providing Quality Municipal Services.
Financial Impact
In fiscal year 2025-2026, this program is budgeted in account 530-0900-513-45-00 in the amount of $2,322,317, contingent upon approval of the Fiscal Year 2026 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. AmWins Property Quote
3. AmWins Fraud Warning Disclosure
4. AmWins Quote Authorization
5. AmWins Terrorism Risk Insurance Act TRIA Disclosure Notice
6. Chubb Illinois Union Insurance Co. Terrorism Risk Insurance Act TRIA Disclosure Notice
7. Chubb Westchester Surplus Terrorism Risk Insurance Act TRIA Disclosure Notice
8. Commercial Application Accord
9. Evanston Terrorism Risk Insurance Act TRIA Disclosure Notice
10. Everest Terrorism Risk Insurance Act TRIA Disclosure Notice
11. Florida Division of Corporation Documentation
12. National Fire & Marine Terrorism Risk Insurance Act TRIA Disclosure Notice
13. Nautilus Insurance Co. Terrorism Risk Insurance Act TRIA Disclosure Notice
14. Policyholder Terrorism Risk Insurance Act TRIA Disclosure Notice
15. Preferred Government Insurance Trust Renewal Application for Liability & Worker's Compensation- Signatures
16. Preferred Government Insurance Trust-Signature Page
17. Preferred Government Insurance Trust-SIR Signatures
18. Preferred Government Insurance Trust-Uninsured Motorist Form-Signature
19. Property, Inland Marine Accords-Signature
20. Sompo Terrorism Risk Insurance Act TRIA Disclosure Notice
21. Starstone Terrorism Risk Insurance Act TRIA Disclosure Notice
Prepared by: Steve Lambert, Senior Risk Management Officer
Department Director: Christine V. McDade, CPM, PHR, SHRM-CP, Human Resources Director