Title
AN ORDINANCE APPROVING THE FY2017 PROPERTY AND LIABILITY INSURANCE PROGRAM AND AUTHORIZING THE CITY MANAGER TO ENTER INTO AGREEMENTS WITH TRAVELERS INSURANCE, ONE BEACON INSURANCE AND PHYSICIANS PROFESSIONAL INDEMNITY ASSOCIATION FOR THE PROCUREMENT OF PROPERTY AND LIABILITY INSURANCE COVERAGE FOR FY2017.
Body
Issue/Request:
AN ORDINANCE APPROVING THE FY2017 PROPERTY AND LIABILITY INSURANCE PROGRAM AND AUTHORIZING THE CITY MANAGER TO ENTER INTO AGREEMENTS WITH TRAVELERS INSURANCE, ONE BEACON INSURANCE AND PHYSICIANS PROFESSIONAL INDEMNITY ASSOCIATION FOR THE PROCUREMENT OF PROPERTY AND LIABILITY INSURANCE COVERAGE FOR FY2017.
Key Issues:
· Each year the City Council considers and approves the City’s property and liability insurance program.
· Overseen by the Law Department since 2012, the City has enjoyed reduced premium and claim expenses and has increased autonomy and flexibility in the claims management process.
· City’s incumbent carrier since 2011 for liability insurance has been One Beacon Insurance. The City has built and maintained a positive relationship with the carrier, which has contributed to the autonomy and flexibility that it currently enjoys.
· Four (4) providers responded to marketing efforts for liability insurance; two (2) were less expensive than the quote from the incumbent, but were deemed non-responsive due to the fact that they did not provide the same level of service that is currently utilized and requested.
· One (1) respondent provided a competitive response, but more information regarding the type of coverage and the company is needed to make a determination of whether it is a good fit for the City. Staff is working to compile this information and may bring a proposal for a change in carrier at mid-year or at next fiscal year.
· One Beacon Insurance, the City’s incumbent carrier for liability insurance, is being recommended for renewal for FY2017.
· City’s incumbent carriers for property insurance and medical director cover...
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