Title
An Ordinance authorizing the City to purchase insurance coverage for property, casualty and liability insurance programs for FY26 beginning July 1, 2025, where the total expenditure is equal to or less than $1,500,000, and authorizing the City Manager to execute any documents necessary for the City to purchase such insurance. (F&BC 6/2/25)
Body
Key Issues:
This ordinance delegates to the City Manager the authority to purchase property casualty and liability insurance for the City so long as the total premium paid is are less than the FY26 draft budget recommended amount of 1,500,000. The delegation of authority will enable the City to respond quickly to offers of coverage. The City Manager may consider and accept any proposals for coverage that arrive after the last meeting of the City Council on June 17, 2025. The City Managers decision will be informed and advised by Lockton Insurance our brokers who are currently marketing the city as a client to interested carriers.
Proposed Committee Motion:
I move to recommend to the City Council for approval An Ordinance authorizing the City to purchase insurance coverage for property, casualty and liability insurance programs for FY26 beginning July 1, 2025, where the total expenditure is equal to or less than $1,500,000, and authorizing the City Manager to execute any documents necessary for the City to purchase such insurance.
Proposed City Council Motion:
First Motion: I move for second reading of An Ordinance authorizing the City to purchase insurance coverage for property, casualty and liability insurance programs for FY26 beginning July 1, 2025, where the total expenditure is equal to or less than $1,500,000, and authorizing the City Manager to execute any documents necessary for the City to purchase such insurance.
Second Motion: I move for adoption of An Ordinance authorizing the City to purchase insurance coverage for property, casualty and liability insurance programs for FY26 beginning July...
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