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...
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