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Liability insurance—coverage limit of$15,000,000 per occurrence with a$250,000 SIR or deductible,
<br /> Business auto liability—coverage limit$5,000,000 per accident with a$250,000 SIR or deductible,
<br /> Workers Compensation insurance—coverage limit of$3,000,000 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 /> Proposed Coverage—The City's renewed insurance program includes:
<br /> Property insurance—coverage limit of$200,000,000 per occurrence with a$50,000 SIR or deductible,
<br /> Auto physical damage insurance—coverage limit of$19.7 million with a$100,000 SIR or deductible.
<br /> Liability insurance—coverage limit of$15,000,000 per occurrence with a$250,000 SIR or deductible,
<br /> Business auto liability—coverage limit$5,000,000 per accident with a$250,000 SIR or deductible,
<br /> Workers Compensation insurance—coverage limit of$3,000,000 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$5,000 SIR or deductible.
<br /> Recommendation
<br /> City Risk Management hereby requests City Council authorization to proceed forward to bind coverage for the insurance period
<br /> commencing October 1,2024,and ending October 1,2025,including renewal of the coverage as proposed.
<br /> Arthur J Gallagher marketed the City's coverage to multiple insurers to ascertain interest and competitiveness in the marketplace.
<br /> The renewal proposals received from the expiring carriers offered the most competitive terms and conditions.
<br /> Annual premium$ Prior Price Expiring Price Proposed Price %Change
<br /> Coverage: 2022-2023 2023 -2024 2024-2025 vs expiring
<br /> Property&liability 417,714.00 331,443.00 376,295.00 14%
<br /> Property 126,928.00 252,361.00 274,934.00 9%
<br /> Equipment 5,998.00 28,455.00 30,703.00 8%
<br /> Crime 8,981.00 9,175.00 8,976.00 -2%
<br /> Excess liability 379,142.00 388,763.00 467,000.00 20%
<br /> Auto Inland Marine 58,738.00 61,115.00 98,000.00 60%
<br /> Cyber liability 163,306.00 102,713.00 108,717.00 6%
<br /> Crisis protection 52,003.00 55,695.00 65,000.00 17%
<br /> Worker's 195,802.00 213,540.00 218,443.00 2%
<br /> compensation
<br /> AJG Service Fee E1000 67,000 67,E 0%
<br /> Total Coverage 1,475,612 1,510,260 1,715,068 13.6%
<br /> Note: Figures in red represent insurance that is still in negotiations. Companies requested additional information and will issue a
<br /> final quote once they review the City's policies and data.
<br /> POTENTIAL OBJECTIONS: None Anticipated
<br /> INPUT FROM OTHER SOURCES: Ted Miller&Cary Peters,Arthur J. Gallagher Risk Management Service,Inc.
<br /> STAFF REFERENCE: Tim Gleason,City Manager Ruby James,CFO&City Treasurer Brian Hastings,Risk Manager
<br /> BUDGET/TIME IMPLICATIONS:
<br /> Insurance coverage will commence effective October 1,2024.
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