8.A.
City Council Meeting - FINAL
- Meeting Date:
- 08/26/2024
- Co-Submitter:
- Kori Vogt
- From:
- Maria Robinson, Risk Management Director
TITLE:
Consideration and Approval: FY24-25 Insurance Renewal
STAFF RECOMMENDED ACTION:
Accept the renewal premiums submitted by the Arizona Municipal Risk Retention Pool (AMRRP) for General Liability, E&O, SAM, Property, Auto, Marine, Crime, Cyber, Excess, and Worker's Compensation coverage; Chubb Limited for Airport Liability; Aon Risk Insurance Services West for International Travel; and Industrial Commission of Arizona to fund the Firefighters Presumptive Cancer Claims.
Executive Summary:
Upon renewal, the new estimated premiums will total $2,501,290. This total will be offset by a dividend AMRRP declared on April 21, 2024 in the amount of $500,884.
Breakdown of the individual costs by carrier are as follows:
Breakdown of the individual costs by carrier are as follows:
- Liability Coverage (AMRRP): $1,182,495
- Excess Coverage (AMRRP): $175,279
- Workers Compensation Coverage (AMRRP): $926,730
- Aviation and Foreign Travel (Chubb): $23,749
- Firefighters Presumptive Cancer Reimbursement Fund (Industrial Commission of Arizona): $193,025
Financial Impact:
No increased financial impact.
Policy Impact:
None.
Previous Council Decision or Community Discussion:
Council has previously approved insurance coverage as outlined by the current carriers.
Options and Alternatives to Recommended Action:
No alternative options recommended at this time.
Background and History:
In 2020, The City of Flagstaff made the decision to explore the feasibility of being a self-insured/self-administered entity to that of being a member of an insurance pool. All primary lines of coverage were marketed and it was determined that it was financially beneficial for the City to become a member of the Arizona Municiple Risk Retention Pool (AMRRP).
Connection to PBB Priorities and Objectives:
Effective Governance
Connection to Regional Plan:
N/A
Connection to Carbon Neutrality Plan:
N/A
Connection to 10-Year Housing Plan:
N/A