6.A.
City Council Meeting - FINAL
- Meeting Date:
- 05/19/2020
- From:
- Dean Coughenour, Director of Risk Management
Information
TITLE:
Consideration and Approval: Insurance Renewals
STAFF RECOMMENDED ACTION:
- Accept the proposal submitted by the Arizona Municipal Risk Retention Pool, (A.M.R.R.P.), in the amount of $1,018,337 and their proposal for Workers' Compensation coverage in the amount of $749,738 for a total of $1,768,075.
- Renew current airport liability, flood and travel polices with existing carriers for $25,061 plus commission.
Executive Summary:
The City of Flagstaff today expends $1,490,601 to insure all our insurance exposures with AIG for our property, Travelers Insurance for Liability and Auto and Copperpoint Mutual for our Workers’ Compensation program. Council received a presentation on the merits of both the Arizona Municipal Risk Retention Pool and Travelers Insurance with Liberty Mutual for the property to meet the insurance needs for the City of Flagstaff for the next fiscal period during the May 12, 2020 City Council work session.
It is staff's recommendation to accept the proposal by the Arizona Municipal Risk Retention Pool as submitted for a total cost of $1,768,075.
Financial Impact:
By approving the contract agreement with the Arizona Municipal Risk Retention pool for property, casualty, auto and Workers' Compensation coverage the City will expend an additional $302,535 in fiscal 20/21, subject to policy audit.
Policy Impact:
None
Connection to Council Goal, Regional Plan, CAAP, and/or Strategic Plan:
None
Has There Been Previous Council Decision on This:
City Council received a presentation on the merits of both the Arizona Municipal Risk Retention Pool and Travelers Insurance proposals during the May 12, 2020 Council Work Session.