Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind The Renewal Of Flood Insurance Policy With American Bankers Insurance Company of Florida For The City-Owned Beach Maintenance Facility, Located At 102 South Ocean Drive, For An Amount Not To Exceed $1,261.00.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of Attached Resolution.
Explanation:
The City desires to protect its assets through the purchase of flood insurance. In accordance with Section 38.41(C)(10) of the City’s Procurement Code, 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.
Commission approval is requested as the City has other flood insurance policies with American Bankers Insurance Company of Florida that exceed the City Manager authority limits.
The coverage provided by American Bankers Insurance Company of Florida is for the Beach Maintenance Facility, 102 South Ocean Drive, for a total renewal cost not to exceed the amount of $1,261.00, which is a 0.72% increase from the previous year.
Fiscal Impact:
Funding for the service is available in the FY 2021 Operating Budget in account number 558.112006.51900.591940.000000.000.000 (Property Insurance). The new premium is 0.72% or $9 more than the previous year.
Recommended for inclusion on the agenda by:
Tammie L. Hechler, Director, Human Resources
George R. Keller, Jr., Deputy City Manager