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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$18.3 million with a$100,000 SIR or deductible.
<br /> Liability insurance—coverage limit of$20,000,000 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
<br /> coverage for the insurance period commencing October 1, 2026, and ending October 1, 2027,
<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: 2024-2025 2025 -2026 2026-2027 vs expiring
<br /> Property& liability 378,858.00 391,417.00 314,054.00 -19.76%
<br /> Property 274,934.00 300,000.00 313,500.00 4.50%
<br /> Equipment 5,968.00 5,968.00 5,968.00 0%
<br /> Crime 8,976.00 8,976.00 8,976.00 0%
<br /> Excess liability 456,236.00 486,121.00 675,000.00 38.85%
<br /> Auto Inland Marine 89,653.00 103,696.00 100,079.00 -3.49%
<br /> Cyber liability 108,941.00 108,939.00 109,046.00 .10%
<br /> Crisis protection 57,853.00 59,815.05 62,016.00 3.68%
<br /> Worker's compensation 229,508.00 228,941.00 222,936.00 -2.62%
<br /> AJG Service Fee 65,000 65,500 65,500 0%
<br /> Total Coverage 1,677,927 1,759,373 1,877,075 6.69%
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