Title
An Ordinance approving the FY2021 Property And Liability Insurance Program, authorizing the City Manager to enter into Agreements with CNA Insurance, States Self-Insurers Risk Retention Group, Glatfelter Insurance Group, Chubb Limited, and Traveler’s Insurance for the procurement of property and liability insurance coverage and related services for FY2021, and authorizing the City Attorney to approve individual claim expenses and/or settlements in amounts not to exceed $20,000.00 per claim.
(Note: First reading done by City Council on June 9, 2020. Passed by unanimous vote.)
Body
Issue/Request:
An ordinance approving the FY2021 Property And Liability Insurance Program, authorizing the City Manager to enter into Agreements with CNA Insurance, States Self-Insurers Risk Retention Group, Glatfelter Insurance Group, Chubb Limited, and Traveler’s Insurance for the procurement of property and liability insurance coverage and related services for FY2021, and authorizing the City Attorney to approve individual claim expenses and/or settlements in amounts not to exceed $20,000.00 per claim.
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.
• In 2019, the City changed carriers for its liability coverage from OneBeacon to States Self-Insurers Risk Retention Group, Inc. (“States”) to reduce premium costs and give City more autonomy and involvement in claims management
• States is being recommend for renewal with a premium of $207,742, about a $500.00 increase.
• Glatfelter Insurance Group, the City’s incumbent carrier for auto physical damage coverage with a quoted a premium of $35,675.
• City’s incumbent carrier for property insurance, CNA, is being recommended for renewal with rate increase not to exceed 15%.
• The C...
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