9.D.
City Council Meeting - FINAL
- Meeting Date:
- 05/20/2014
- From:
- Dean Coughenour, Assistant to City Manager - Risk Management
Information
TITLE:
Consideration and Approval of Contract: Approve the renewal of our Casualty insurance with Travelers Insurance and our Property coverage with AIG insurance at a total estimated annual cost of $905,000. (Renewal of Property and Casualty Insurance Contracts).
RECOMMENDED ACTION:
-
Council approve the renewal of our Casualty insurance with Travelers Insurance and our Property coverage with AIG insurance at a total estimated annual cost of $905,000.
Policy Decision or Reason for Action:
Subsidiary Decisions Points: Council action is required on all contracts/ agreements in excess of $50,000.
Financial Impact:
By renewing our Casualty coverage with Travelers insurance and our Property coverage with AIG the City will save an estimated annual premium expenditure of $285,000.
Connection to Council Goal:
Effective governance.
Has There Been Previous Council Decision on This:
Council received a presentation on the renewal of our Property and Casualty insurance programs during the three day budget retreat in April.
Options and Alternatives:
1. Approve
2. Select an alternative quote at an additional cost
3. Self insure our Property and Casualty programs
Community Involvement:
Inform
Attachments
No file(s) attached.