Title
An Ordinance approving the FY2024 Property And Liability Insurance Program, authorizing the City Manager to enter into Agreements with Traveler’s Insurance and Chubb Limited for the procurement of property and liability insurance coverage and related services for FY2024; and appropriating funds and directing payment therefore and authorizing the City Attorney to approve individual claim expenses and/or settlements in amounts not to exceed $20,000.00 per claim all as an emergency ordinance pursuant to Sections 3.13(f) (1) and (3) of the Charter.
Body
Key Issues:
• Each year the City Council considers and approves the City’s property and liability insurance program.
• In 2019, the City changed carriers for its liability coverage from OneBeacon to States Self-Insurers Risk Retention Group, Inc. (“States”). to give City more autonomy and involvement in claims management
• For FY 2024 States only offered renewal coverage with a $1,000,000 self-insurance reserve on a claims made basis. This would effectively make the City self-insured on over 95% of the individual claim we receive. States would function as an insurance for catastrophic events only with coverage for losses between $1,000,000 and $10,000,000.
• Glatfelter Insurance Group, the City’s incumbent carrier for auto physical damage coverage has issued a notice of non renewal and declined to offer a bid on further business with the City.
• Travelers Insurance has submitted a coverage package addressing our needs in:
1) Property $393,091
2) General Liability $249,638
3) Automobile/ Auto PD $56,177
4) Umbrella ...
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