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As broker representing the Public Transit System, J.L. Hubbard held early discussions on continued <br /> coverage and pricing with Lancer/Admiral to ascertain renewal scenarios and conducted a market review <br /> with other providers of liability insurance coverage in the public transportation segment. <br /> The market review indicated that the coverage, deductible, and subsequent policy price offering from the <br /> existing carrier(s) could not and would not be improved upon by other competing carriers. <br /> Annual premium $ Expiring Policy Proposed Policy <br /> General liability 5,153 5,597 <br /> Automobile liability 165,821 168,821 <br /> .........._. <br /> Excess liability 23,967 26,735 <br /> Total 194,941 201,153 <br /> %change <br /> Letter of Credit(LOC)$ $241,62.7.50 $241,627.50 <br /> (1) Expiring policy premium has been prorated to the annual premium cost. <br /> The policy price renewal with Lancer/Admiral of$201,153 is a 3.2% premium increase versus the expiring <br /> policy price. <br /> The LOC security requirement remains unchanged at $241,627.50. This is a non-cash requirement of the <br /> policy and only played in the event the transit system would fail to make claim payments. <br /> POTENTIAL OBJECTIONS: <br /> None <br /> INPUT FROM OTHER SOURCES: <br /> J.L. Hubbard Insurance and Bonds <br /> STAFF REFERENCE: <br /> Tim Gleason, City Manager <br /> Gregg D. Zientara, City Treasurer& Director of Finance <br /> BUDGET/TIME IMPLICATIONS: <br /> Monies for policy premiums and out of pocket claim expense are included in the existing and future budgets <br /> of the Public Transit System. <br />