Title
An Ordinance approving the FY2022 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, Physicians Professional Indemnity Association, and Traveler’s Insurance for the procurement of property and liability insurance coverage and related services for FY2022, and authorizing the City Attorney to approve individual claim expenses and/or settlements in amounts not to exceed $20,000.00 per claim. (F&BC 6/14/21)
Body
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 rate decrease of 1%. The City’s excess liability coverage is being recommend to be reduced from $12,000,000 to $10,000,000 in coverage.
• Glatfelter Insurance Group, the City’s incumbent carrier for auto physical damage coverage with a rate increase of $43,279.
• City’s incumbent carrier for property insurance, CNA, is being recommended for renewal with rate increase of approximately 25%.
• Medical director coverage was only quoted by the incumbent provider, Physicians Professional Indemnity, and was quoted at a flat rate renewal.
• The City's incumbent carrier for crime insurance, Traveler's Insurance, remained flat at approximately $11,400.
• The total premium costs for FY2022 for all lines of relevant property and liability insurance would not exceed $621,000.00, which is a total increase of about $75,000.00 over FY2021 premiums, but...
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