Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind The Renewal Policies For Municipal And Utility Property, And Marina Storage Tank Liability, For An Amount Not To Exceed $2,773,968.03.
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 various insurance products. In accordance with the City's Purchasing Code, Section 38.41(C)(10), purchases of insurance through the City's "Agent of Record" are exempt from competitive bid and competitive proposal requirements. Utilizing RFP 060-23-WV and Resolution R-2023-225, the City designated Aon Risk Services, Inc. of Florida ("Aon") as its Agent of Record.
Aon solicited and/or obtained quotes for the various layers of property insurance on behalf of the City. The 2025 combined Municipal and Utilities property premium renewal has benefitted from positive markets shifts that have resulted in an estimated -20.35% decrease from last year. Boiler and machinery coverage is now included within the master Municipal property policy, resulting in additional savings of $9,500.00. The city has secured an additional $10,000,000.00 in named storm coverage, now totaling $30,000,000.00 for only a $22,141.00 increase in premium. The Marina Storage Tank liability premium is increasing to $2,539.03, a 15% increase over last year due to the age of the storage tanks.
The various insurance policy renewals are estimated to total 2,773,968.03.
Fiscal Impact:
Funding for the renewal insurance policies is available in the FY 2026 Operating Budget in account numbers 558.112006.51900.591940.000000.000.000 (Property Insurance), 558.112006.51900.591910.000000.000.000 (General Liability Insurance) and 558.112006.51900.591911.000000.000.000 (Casualty Insurance).
Recommended for inclusion on the agenda by:
Tammie L. Hechler, Directo...
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