TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Renewal of Property and Casualty Insurance and Risk Management Services with Public Risk Insurance Agency (PRIA) for 2017/2018 in the budgeted amount of $704,958
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, 2017 for $704,958
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.
The premium amount is $11,280 less than from fiscal year 16/17, a 1.57% overall decrease.
The Accidental Death & Dismemberment (AD&D) policy is a health product that originates from CHUBB Accident & Health underwritten by ACE American Insurance Company. The policy was purchased through Public Risk Insurance Agency in 2016-2017 and contained a two-year rate guarantee.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services.
Financial Impact
In 2017/2018, this program budgeted at $727,390 in account 530-0900-513.45-00. The recommended renewal program proposed will be $704,958.
Procurement
Attachments:
1. North Port October Proposal 17
2. North Port Premium Comparison 17-18 to Insd (002)
3. CHUBB ADD 16-17 & 17-18
4. Property & Casualty 2017
5. Florida Division of Corporations Documents for Risk Management Associates, Inc. / Public Risk Insurance Agency
Prepared by: Sandy Knowles
Department Director: Christine McDade