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R2016-110 AUTHORIZING CITY MANAGER TO EXECUTE INSURANCE COVERAGE FOR PROPERTY, LIABILITY AND WORKERS COMPENSATION
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R2016-110 AUTHORIZING CITY MANAGER TO EXECUTE INSURANCE COVERAGE FOR PROPERTY, LIABILITY AND WORKERS COMPENSATION
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9/26/2016 10:50:27 AM
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9/26/2016 10:50:01 AM
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Resolution/Ordinance
Res Ord Num
R2016-110
Res Ord Title
AUTHORIZING CITY MANAGER TO EXECUTE INSURANCE COVERAGE FOR PROPERTY, LIABILITY AND WORKERS COMPENSATION FOR THE CITY OF DECATUR, ILLINOIS FOR THE POLICY PERIOD OCTOBER 1, 2016 TO OCTOBER 1, 2017
Approved Date
9/19/2016
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City Of Decatur <br /> Bindable Quotations&Compensation Disclosure Schedule <br /> Client Name:City Of Decatur <br /> • - � •- - . � - <br /> • • � � <br /> • - .- •- • <br /> Package AIX Specialty Insurance Company(Hanover $251,124.00 0% RPS PSI(AMS) 11.5% Yes <br /> Insurance Companies) <br /> Excess Property Travelers Indemnity Company(The Travelers $73,764.00 0% N/A <br /> Companies,Inc.) <br /> _ _.__ <br /> Equipment Breakdown Federal Insurance Company(Chubb Group of $7,002.00 0% N/A <br /> Insurance Companies) <br /> Crime National Union Fire Insurance Company of Pittsburgh $3,202.00 15% N/A <br /> PA(American International Group,Inc) <br /> Cyber Liability Illinois Union Insurance Company(ACE Group) $13,441.00 0/o Arthur J Gallagher ��5% Yes <br /> -Chicago <br /> Excess Workers Liberty Mutual Insurance Company $639,636.00 0% N/A <br /> Compensation <br /> Some carriers pay Gallagher supplemental or contingent commissions in addition to the policy commission.Contingent commissions are typically contingent upon <br /> performance factors such as growth,profit,volume or retention,while supplemental commissions are not. These supplemental or contingent commissions may <br /> range from less than 1%up to 10°/of the policy premium.Please refer to the Compensation Disclosure or contact your Gallagher representative for additional <br /> information. <br /> 1 If the premium is shown as an indication:The premium indicated is an estimate provided by the market.The actual premium and acceptance of the coverage requested will be <br /> determined by the market after a thorough review of the completed application. <br /> `A verbal quotation was received from this carrier.We are awaiting a quotation in writing. <br /> 2 The commission rate is a percentage of annual premium excluding taxes&fees. <br /> 'Gallagher is receiving %commission on this policy.The fee due Gallagher will be reduced by the amount of the commissions received. <br /> 3 We were able to obtain more advantageous terms and conditions for you through an intertnediary/wholesaler. <br /> 4•The non-Gallagher intermediary/wholesaler did not provide their compensation information for this proposal.The usual and customary compensation to a wholesaler/intermediary <br /> ranges from 5%to 12%,but we cannot venry that range is applicable in wnnection with this proposal. <br /> Acthur).Gallagher Risk Management Services,Inc. <br /> 57 <br />
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