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arrangement has been in place since 2014 and further includes a broker / advisor relationship
<br /> with AJ Gallagher and its predecessors approaching 30+years.
<br /> Existing Coverage—The City's expiring insurance program includes:
<br /> Property insurance—coverage limit of$200 million 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 million per occurrence with a$250,000 SIR or deductible,
<br /> Business auto liability—coverage limit$5 million per accident with a$250,000 SIR or deductible,
<br /> Workers Compensation insurance—coverage limit of$3 million with a$300,000 SIR or deductible,
<br /> Equipment breakdown insurance—coverage limit of$100 million with a$5,000 SIR or deductible,
<br /> Crime insurance—coverage limit$2 million per loss with a$5,000 SIR or deductible,
<br /> Cyber liability insurance—coverage limit of$5 million per occurrence with a$50,000 SIR or deductible.
<br /> Crisis protection insurance—coverage limit of$1 million 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 million per occurrence with a$50,000 SIR or deductible,
<br /> Auto physical damage insurance—coverage limit of$65.6 million with a$100,000 SIR or deductible.
<br /> Liability insurance—coverage limit of$15 million per occurrence with a$250,000 SIR or deductible,
<br /> Business auto liability—coverage limit$5 million per accident with a$250,000 SIR or deductible,
<br /> Workers Compensation insurance—coverage limit of$3 million with a$300,000 SIR or deductible,
<br /> Equipment breakdown insurance—coverage limit of$100 million with a$5,000 SIR or deductible,
<br /> Crime insurance—coverage limit$2 million per loss with a$5,000 SIR or deductible,
<br /> Cyber liability insurance—coverage limit of$5 million per occurrence with a$50,000 SIR or deductible.
<br /> Crisis protection insurance—coverage limit of$1 million per occurrence with$5,000 SIR or deductible.
<br /> Recommendation
<br /> City Risk Management hereby requests City Council authorization to proceed forward to bind
<br /> coverage for the insurance period commencing October 1, 2025, and ending October 1, 2026,
<br /> including renewal of the coverage as proposed.
<br /> Arthur J Gallagher marketed the City's coverage to multiple insurers to ascertain interest and
<br /> competitiveness in the marketplace. The renewal proposals received from the expiring carriers
<br /> offered the most competitive terms and conditions.
<br /> Annual premium$ Prior Price Expiring Price Proposed Price % Change
<br /> Coverage: 2023 - 2024 2024-2025 2025 -2026 vs expiring
<br /> Property& liability 331,443.00 378,858.00 395,000.00 4.26%
<br /> Property 252,361.00 274,934.00 300,000.00 9.12%
<br /> Equipment 28,455.00 30,703.00 30,968.00 0.86%
<br /> Crime 9,175.00 8,976.00 8,976.00 0.00%
<br /> Excess liability 388,763.00 467,000.00 472,398.00 3.50%
<br /> Auto Inland Marine * 61,115.00 89,653.00 230,000.00 156.54%
<br /> Cyber liability 102,713.00 108,941.00 108,967.00 .02%
<br /> Crisis protection 55,695.00 57,853.00 59,815.05 3.39%
<br /> Worker's compensation 213,540.00 229,508.00 228,941.00 -0.26%
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