TO: Honorable Mayor and Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: Renewal of Property and Casualty Insurance and Risk Management Services with Public Risk Insurance Agency (PRIA) for 2016/2017 in the amount of $724,677.
Recommended Action
Approve renewal of Property and Casualty Insurance and Risk Management Services to Public Risk Insurance Agency (PRIA) for a period of one year beginning October 1, 2016 for $724,677.
Background Information
On October 1, 2015, the City of North Port transitioned from membership in a self-insured trust to a stand-alone self-insured entity, purchasing primary property coverage and excess liability and workers’ compensation coverage over selected retention limits independently.
Policies that were purchased as part of the 2015-16 program contained a two-year rate guarantee and as such, did not require a public bid for the 2016 year. Instead, the City intended to renew the current program for the 2016-17 year with minimal changes in the scope of coverage. Although the 2016-17 overall Premium amount is less than the 2015-2016 premium amount, individual coverages amounts may vary due to difference in the rating variables, such as payroll, number of vehicles, and property values.
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 is listed as attachment two.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services.
Financial Impact
In 2016/2017, this program is budgeted at $727,390 in account 530-0900-513.45-00. The recommended renewal program as proposed will be $724,677.
Procurement
Attachments:
1. City of North Port 2016-2017 Insurance Proposal by Public Risk Insurance Agency
2. Chubb ADD Renewal Proposal 16-17
3. Premium and Coverage Comparison
Prepared by: Christine McDade
Department Director: Christine McDade