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Proposed Coverage—The City's renewed insurance program includes:
<br /> Property insurance—coverage limit of$1,000,000 per occurrence with a $150,000 SIR or deductible,
<br /> Excess Property insurance—coverage limit above $1,000,000 to total property of$236.8 million,
<br /> Auto physical damage insurance—coverage limit of$22.9 million with a $100,000 SIR or deductible.
<br /> Liability insurance—coverage limit of$15,000,000 per occurrence with a $150,000 SIR or deductible,
<br /> Business auto liability—coverage limit$5,000,000 per accident with a $150,000 SIR or deductible,
<br /> Workers Compensation insurance—coverage limit of$50,000,000 with a $300,000 SIR or deductible,
<br /> Equipment breakdown insurance—coverage limit of 100,000,000 with a $5,000 SIR or deductible,
<br /> Crime insurance—coverage limit$2,000,000 per loss with a $5,000 SIR or deductible,
<br /> Cyber liability insurance—coverage limit of$5,000,000 per occurrence with a $50,000 SIR or deductible.
<br /> Crisis protection insurance—coverage limit of$1,000,000 per occurrence with $5,000 SIR or deductible.
<br /> Recommendation
<br /> City Risk Management hereby requests City Council authorization to proceed forward to bind coverage
<br /> for the insurance period commencing October 1, 2021 and ending October 1, 2022, including renewal of
<br /> the coverage as proposed.
<br /> Arthur J Gallagher marketed the City's coverage to multiple insurers to ascertain interest and
<br /> competitiveness in the marketplace. The renewal proposals received from the expiring carriers offered the
<br /> most competitive terms and conditions.
<br /> Annual premium$ Prior Price Expiring Price Proposed Price I %Change
<br /> 2019-2020 2020-2021 2021 -2022
<br /> Existing coverage.
<br /> Property&liability 270,102.00 267,897.00 276,602.00 3%
<br /> Excess property 81,127.00 85 409.00 91,500.00 7%
<br /> Excess liability 25,000.00 76 600.00 350,000.00 ++
<br /> _Auto physical damage 65,917.00 66,160.00 <1%
<br /> Cyber liability 12,123.00 55,810.00 154,770.00 ++
<br /> Crisis protection 39,050.00 42,750.00 45,375.00 6%
<br /> Workers compensation 600,542.00 146,996.00 ` 150,610.00 2%
<br /> Boiler, crime, 9,016.00 14,844.00 14,945.00 2%
<br /> Total coverage 1,036,960.00 756,223.00 1,149,962.00 ++
<br /> The market review conducted by Arthur J Gallagher indicated that the coverage and price offering from
<br /> the expiring carriers would not be improved upon by other carriers given current marketplace climate and
<br /> price offering of the expiring carriers.
<br /> POTENTIAL OBJECTIONS
<br /> None
<br /> INPUT FROM OTHER SOURCES
<br /> Ted Miller&Cary Peters, Arthur J. Gallagher Risk Management Service, Inc.
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