Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute Agreements With Qualified Vendors In Ranked Order For Residential Property Insurance Broker Services For A Combined Annual Amount Up To $150,000.00 For A Term Of Three Years.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of attached Resolution.
Explanation:
The City's Housing Policies require property owners to maintain fire, hazard, flood, and windstorm (where applicable) insurance coverage in an amount sufficient to cover all loans against the property, with the City named as loss payee.
The Division of Community Development desires to pre-qualify multiple vendors to provide residential property insurance broker services to enable uninsured or underinsured low-to-moderate income ("LMI") Hollywood homeowners to be able to obtain the required property insurance to participate and expedite the process of qualifying for the City's Housing Rehabilitation Program.
The cost of the Builder's Risk Insurance for each respective property will be included as part of the loan or grant costs for the first-year premium. The policies will consist of all standard perils and allow the homeowner to reside in the property during the housing repairs.
On July 03, 2023, Request for Quotes Number RFQ-094-23-SK was electronically advertised on OpenGov.com to solicit qualified vendors to provide residential property insurance broker services in accordance with Section 38.43(A) of the Procurement Code.
Based on the Evaluation Criteria, the Selection Committee evaluated the three Statements of Qualifications (SOQ's) for the three respondents and deemed all three to be qualified. The scores were compiled to arrive at the following rankings, with the highest score being the highest ranked:
1. MAD INSURANCE, INC. 93 Points
2. ABSTRACT INSURANCE AGENCY, INC. 80 Points
3. J&J I...
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