Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Bind Renewal Policies With Hartford Fire Insurance Company For Flood Insurance For Various Locations In An Amount Not To Exceed $54,354.00.
Strategic Plan Focus
Financial Management & Administration
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 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.
Commission approval is requested as the City has other flood insurance policies with Hartford Fire Insurance Company that exceed the City Manager authority limits.
The coverage provided by Hartford Fire Insurance Company for various locations includes; 707 South Ocean Drive Fire Station, 1621 N 14th Avenue RAS Pump, 1621 N 14th Avenue RAS Pump #3, 1621 N 14th Avenue RAS Pump #4, 1621 N 14th Avenue Refuse Storage, 1621 N 14th Avenue Refuse Water Control, 1621 N 14th Avenue Sludge Building, 1621 N 14th Avenue Truck Scale, 2207 Raleigh Street HPD Network, 2311 N 23rd Avenue Boggs Field, and 3179 Taft Street West Annex Park.
The total renewal cost is for a not to exceed amount of $54,354.00.
Fiscal Impact:
Funding for this 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 6% or $3,179.00 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