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, Public Officials' Liability, And Marina Storage Tank Liability, For An Amount Not To Exceed $3,666,088.00.
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 2024 renewal has benefitted from positive markets shifts that have continued to carry throughout Quarter 3 and Quarter 4 despite recent weather events. Municipal terms and conditions have broadened and improved from the expiring policy period decreasing the Named Windstorm deductible back down to 5% from 7.5% for our Utilities' Properties. Municipal flood deductible was reduced to $500K minimum vs. $1M minimum. Outdoor property coverages increased from $1M to $5M. Land Improvement coverages increased from $1M to $2M. Property in the Open limits increased from $5M to $10M. The combined Municipal and Utilities property premium is decreasing by -6.12%. The Marina Storage Tank liability premium is increasing to $2,208.00, an 8.5% increase over last year due to the age of the storage tanks. The Public Officials' Liability premium is estimated to increase 15% due to open claims and civil complaints for a $253,980.65 premium.
The various insurance policy renewals are estimated to total $3,666,088.00.
Fiscal Impact:
Funding...
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