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 Hartford Fire Insurance Company For Various Locations For An Amount Not-To-Exceed $58,427.00.
Strategic Plan Focus
Financial Management & Administration
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 Section 38.41(C)(10) of the City’s Procurement Code, purchases of insurance through the City’s “Agent of Record” are exempt from the competitive bid and competitive proposal requirements. Utilizing RFP 4606-19-AP and Resolution R-2019-116, the City designated Aon Risk Services, Inc. of Florida as its broker of record. Aon Risk Services, Inc. of Florida solicited and/or obtained quotes from different carriers for the various types of coverage on behalf of the City.
Commission approval is requested as the City has other flood insurance policies with Hartford Fire Insurance Company that exceed City Manager authority limits. The previous fiscal year cumulative appropriation to Hartford was $198,000.00.
The total renewal cost is for a not-to-exceed amount of $58,427.00.
Fiscal Impact:
Funding for the policies is available in the FY 2022 Operating Budget in account number 558.112006.51900.591940.000000.000.000.
Recommended for inclusion on the agenda by:
Tammie L. Hechler, Director, Human Resources
George R. Keller, Jr., Deputy City Manager