Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind The Renewal Of Flood Insurance Policies With Various Flood Insurance Companies For Various Locations For A Not-To-Exceed Amount Of $240,617.20.
Strategic Plan Focus
Infrastructure & Facilities
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City desires to protect its assets through the purchase of flood insurance. In accordance with the City’s Procurement Code, Section 38.41(C) (10), purchases of insurance through the City’s “Agent of Record” are exempt from the competitive bid and competitive proposal requirements. Utilizing RFP 060-23-WV and Resolution R-2023-225, the City designated AON Risk Services, Inc. as its agent of record.
The total estimated renewal cost is for a not to exceed amount of $240,617.20.
Fiscal Impact:
Funding for the purchase of flood insurance will be available in the FY 2025 Operating Budget in account number: 558.112006.51900.591940.000000.000.000 (Insurance Premiums - Property Insurance), subject to approval and adoption by the City Commission.
Recommended for inclusion on the agenda by:
Tammie L. Hechler, Director, Human Resources
Raelin Storey, Assistant City Manager