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AJG Service Fee 67,000 67,000 67,000 0% <br /> Total Coverage 1,510,260 1,677,927 1,902,065.05 12.42% <br /> Note: Figures in red represent insurance that is still in negotiations. Companies requested <br /> additional information and will issue a final quote once they review the City's policies and data. <br /> * Changing auto coverage from book value to replacement value for the entire fleet and <br /> equipment owned by the City causes the largest increase in insurance costs for the coming year. <br /> On the second line of coverage limits above, the City is moving the auto physical damage <br /> insurance coverage from book value of$19.7 million in the existing coverage to $65.6 million in <br /> the proposed coverage. The best example of the changing costs for City equipment is the three <br /> fire engines that were ordered two years ago cost approximately $833,000 each and now cost $2 <br /> million each to purchase. This brings the $140,347 increase in Auto Inland Marine insurance <br /> into perspective. Book value for a totaled vehicle will not provide the funds needed to purchase <br /> a replacement vehicle for the type of the equipment that the City owns. <br /> POTENTIAL OBJECTIONS <br /> None <br /> INPUT FROM OTHER SOURCES <br /> Ted Miller& Cary Peters, Arthur J. Gallagher Risk Management Service, Inc. <br /> STAFF REFERENCE <br /> Tim Gleason, City Manager <br /> Ruby James, Previous CFO & City Treasurer <br /> Brian Hastings, Risk Manager <br /> BUDGET/TIME IMPLICATIONS <br /> Insurance coverage will commence effective October 1, 2025. <br />