Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind The Renewal Policies For Property Insurance, Public Officials Liability Insurance, Boiler And Machinery Insurance, Marina Storage Tank Liability, Terrorism, Fine Arts And Flood Insurance For A Not To Exceed Amount Of $1,990,000.00, For Which Quotes Were Solicited By Aon Risk Services, Inc. of Florida
Body
Staff Recommends: Approval of Attached Resolution.
Explanation:
The City desires to protect its assets through the purchase of property insurance, public officials liability insurance, boiler and machinery insurance, marina storage tank liability, terrorism and flood insurance. 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. 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.
Property insurance in the amount of $180,000,000.00 of blanket limit for Utilities and $30,000,000.00 of blanket limit for all other City property will be purchased at renewal on 12/15/19. This will include Wind coverage of $50,000,000.00 for Utilities property and $30,000,000.00 for all other City property. The City will maintain a 5% per unit of insurance Wind deductible subject to a minimum deductible of $500,000.00 for Utilities and $250,000.00 for all other City property.
Storm Surge will now be defined in Named Windstorm affording $30,000,000.00 of limit in lieu of the expiring annually aggregated Flood limit of $5,000,000.00.
All other general terms and conditions for all coverage are the same as last year. The total renewal cost is for a not to exceed amount of ...
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