Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind The Renewal Policies For Primary And Excess Property Insurance, Flood Insurance, Public Officials Liability Insurance, Boiler And Machinery/Equipment Breakdown Insurance And To Bind A New Flood Insurance Policy For One Property For Which No Flood Coverage Is In Place For A Not To Exceed Amount Of $1,670,440.00 For Which Quotes Were Solicited By Arthur J. Gallagher Risk Management Services.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
The City desires to protect its assets through the purchase of various insurance products and in accordance with the City's Purchasing Ordinance, Section 38.40(C)(9), purchases of insurance through the City's "Agent of Record" are exempt from the competitive bid and competitive proposal requirements.
Through RFP 4344-13-IS and Resolution R-2013-086, the City designated as its broker of record, Arthur J. Gallagher Risk Management Services who has solicited and/or obtained quotes from seventeen (17) carriers for the various layers of property insurance, three (3) carriers for public official's liability insurance and three (3) carriers for boiler and machinery/equipment breakdown insurance.
Arthur J. Gallagher Risk Management Services approach is to segregate the Utilities property from the remainder of the City's property. Based on the wind damage model estimates provided by the underwriters, the wind coverage of $50 million for Utilities property and $30 million for all other City property is adequate for a 250 year storm. The City will maintain a 5% wind deductible with a minimum wind deductible of $500,000.00 for the Utilities property and $250,000.00 for all other City property.
In addition to renewing the property and flood insurance policies currently in place, the City is seeking to obtain flood coverage for one property with the same general terms ...
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