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 ...
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